S is the policyowner of a major medical policy. the premiums are paid monthly and due on the 1st

health insurance

• In health insurance

  …insurance coverage; another type is major medical expense protection, which provides protection against large medical costs but avoids the financial and administrative burdens involved in insuring small costs.

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  • Who is responsible for paying premiums on an insurance policy?
  • How are premiums paid by the insured?
  • What is the term for how frequently a policyowner is required to pay the policy premium?
  • What do you mean by premium of insurance policy?
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  In insurance: Types of policies

  Major medical contracts are distinguished from other health insurance policies by offering coverage without many specific limitations; usually there is only a maximum per person, a deductible amount, and a percentage deductible, called coinsurance, under which the insured usually pays 20 percent of each medical…

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Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk.

Description: In an insurance contract, the risk is transferred from the insured to the insurer. For taking this risk, the insurer charges an amount called the premium. The premium is a function of a number of variables like age, type of employment, medical conditions, etc. The actuaries are entrusted with the responsibility of ascertaining the correct premium of an insured. The premium paying frequency can be different. It can be paid in monthly, quarterly, semiannually, annually or in a single premium.

Also See: Life Assured, Non-Standard Life, Premium Paying Term, Adverse Selection, Subrogation, Paid-Up Policy, Mitigation

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