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Simple English definitions for legal terms

advance premium

Read a random definition: forward-rate agreement

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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lawguy we're nearly stats twins :D
13:13
I saw that, and I saw you got the Georgetown interview invite yesterday too! Goodluck!
you too haha, i was super surprised to have received one so early not gonna lie
i heard the group interview is really chill and I'm kinda excited to do it
seems cool
13:14
Yeah, 7sage has a page that talks about the questions for each schools interview, GULC's seems unique
13:15
Idk how much of an effect it has on admissions chances but should be cool either way
ive heard the conversion rate for gulc group interview is pretty high even moreso if you have the stats
it's hard to say but i've also heard that the group interview is harder to get than the alumni interview. but who really knows tbh
im p sure they don't interview everyone and getting one this early should be a great sign!
13:16
Yeah I've heard the same ab the group interview
13:17
So maybe I'll see you in D.C. a year from now lmao
initiallaw
13:32
Speaking of stat twins kazuyamishima were exact stat twins lol
17:13
Anyone going to the UGA zoom thing on the 22nd?
17:16
My bad, 24th*
Idk, what's it for?
@Law-Guy: How'd you get the Vandy fee waiver?
17:32
What does going ur3 in 3 days mean at Uva 😅
that you will get UR2 in 3 more
17:33
somethings gotta give
I’m new. What’s the UR and UR2?
17:35
I already went ur2. It’s the 3rd status date change
17:35
@RustyWrangler: attend one of their virtual info sessions and they'll send you a fee waiver
@Law-Guy: Awesome, thanks! I'll sign up rn!
i'm not entirely sure
They've recently been sending a lot of interview invites
It means status change?
17:47
Someone said there is a wl/r wave coming but how can that even be predicted 😭
17:48
Where?
Quillinit
17:50
This is obviously not true for UVA. Past years show they don't send any non A results until December
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