Premium
Premium (prē-mē-əm)
Premium is a term commonly used in the healthcare and insurance industry. It refers to the amount that an individual or a business must pay for an insurance policy. The premium is paid to the insurance company in exchange for the coverage provided by the policy.
Etymology
The term "premium" originates from the Latin word "praemium" which means "reward, prize, bounty". In the context of insurance, it refers to the price paid for the 'reward' of coverage.
Related Terms
- Deductible: This is the amount that the policyholder must pay out-of-pocket before the insurance company pays a claim.
- Co-pay: This is a fixed amount that the policyholder must pay for each visit or service.
- Out-of-pocket maximum: This is the maximum amount that the policyholder will have to pay for covered services in a policy period.
- Policy: This is the contract between the insurance company and the policyholder. It outlines the terms and conditions of the insurance coverage.
- Claim: This is a formal request to an insurance company asking for a payment based on the terms of the insurance policy.
See Also
External links
- Medical encyclopedia article on Premium
- Wikipedia's article - Premium
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