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LSDefine

Simple English definitions for legal terms

advance premium

Read a random definition: Grenville Act

A quick definition of advance premium:

An advance premium is a payment made before the start of an insurance policy's coverage period. It is the amount of money that must be paid upfront to keep the policy in effect. The opposite of an advance premium is an earned premium, which is the portion of the premium applicable to the coverage period that has already expired. The net premium is the premium amount for an insurance policy less agent commissions, while the gross premium is the net premium plus expenses. The premium rate is the price per unit of life insurance, usually expressed as a cost per thousands of dollars of coverage.

A more thorough explanation:

Advance premium refers to a payment made before the start of the period covered by an insurance policy. It is a type of premium, which is the periodic payment required to keep an insurance policy in effect. For example, if you pay for a year's worth of car insurance upfront, that payment is considered an advance premium.

Another type of premium is earned premium, which is the portion of an insurance premium applicable to the coverage period that has already expired. For instance, if you have a one-year insurance policy that costs $1,200, the earned premium after three months is $300.

Unearned premium, on the other hand, is the portion of an insurance premium applicable to the coverage period that has not yet occurred. Using the same example as above, the unearned premium after three months is $900.

Overall, advance premium is just one type of premium payment in the insurance industry.

advance payment | advance pricing agreement

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9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
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