ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Definition: The total amount of premium paid annually is called the annualized premium. Description: Any insurance policy comes up with many premium payment options. Premium can be paid monthly, quarterly, semi annually and annually.

Detailed explanation-2: -You can choose between the various options to pay the premium regularly when you buy a savings plan. For example, it can be monthly, quarterly, semi-annually or annually. Paying the premium monthly or annually is the most common among the options.

Detailed explanation-3: -A semi-annual premium is a payment that is made every six months to keep an insurance policy active. This type of premium is less common than an annual premium, but is still offered by some insurance companies.

Detailed explanation-4: -Quarterly Premium means a payment that enrollees must pay every three months to receive coverage under CHIP. Sample 1Sample 2Sample 3.

Detailed explanation-5: -Most insurance companies allow premiums to be paid annually, monthly, or quarterly. A discount may apply for choosing the annual payment option. If a payment is missed, there is usually a short grace period during which the policy stays in force assuming the payment is made within that time period.