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Simple English definitions for legal terms

advance premium

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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

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

babycat

15:18

I keep my dating very clean and above board. No overlaps, no ambiguities. If you want to go into some sort of public office in the future it's good to be smart about things like that

babycat

15:18

So many politicians have sex scandals and that's how they get blackmailed and other people have power over them. I mean of course there are ethical and emotional issues too but it's literally just smart to not be a cheater

BulbasaurNoLikeCardio

15:19

I would never go into public office as it drags in your family as well. Dating is so much easier then some people make it out to be and it is not that hard to not cheat. I would always tell my soldiers to rub one out before making a big decision so they arent acting dumb

BulbasaurNoLikeCardio

15:20

Like if more cheaters just paused and rubbed one out they would be like you know maybe ill just watch some TV

babycat

15:20

I've seen some people do a really good job keeping their family out of it. But it really is an "anything they can use against you, they will" type of vibe

babycat

15:21

Ugh I need to go work on essays bye folks

BulbasaurNoLikeCardio

15:22

I don't do anything I can be blackmailed with, I like money too much to be sketch. Have fun doing your essays and a good weekend

info-man

15:23

don't have the motivation to work on essays

BulbasaurNoLikeCardio

15:25

I got to work on essays for finals but I'm like that is a next week me problem. I am glad to be done with LS ones. I felt weird talking about myself

babycat

15:28

Bulbasaur if you weren't constrained by location I would say you should apply to Northwestern. They love applicants like you

BulbasaurNoLikeCardio

15:30

@babycat: what makes you say that?

RightPlant

15:31

sorry i already asked this and forgot to check but how much does a masters degree help for admissions? i rly want to go to northwestern or uchicago but im worried about my stats

glovediedthisishismom

15:32

some of you be so focused on the cheese you forgot about the trap

BulbasaurNoLikeCardio

15:32

I have not talked to northwestern or uchicago but the schools I did talked to said graduates are nice but they cant be hard stats to compare to others as not everyone has one

babycat

15:34

@BulbasaurNoLikeCardio: they really like non traditional applicants and older students

babycat

15:35

there are plenty of non trads who get admitted to nw with below median stats bc of their stories

snow

15:37

i want NW bad

JumpySubsequentDolphin

15:37

@glovediedthisishismom: im gonna get this tattooed

snow

15:38

hoping my 3 years of legal experience help!

BulbasaurNoLikeCardio

15:38

Im not that old lmao Ill see if I can convince the wife to allow me to apply and research the area more. Just worried that I wont have that intellect that a rank 9 school would need

snow

15:38

shoot your shot bulb

snow

15:38

dont tell yourself that.

BulbasaurNoLikeCardio

15:40

I think babycat just wants me close for when she gets into Uchicago lol For me the locations of the school and environment around it matters a lot

soap

15:42

Are you in an open marriage?

babycat

15:42

@BulbasaurNoLikeCardio: aw of course I want you around but I was thinking of the 7sage diversity statement in their admissions course where this guy writes about how he and his wife take in foster kids. he got into NW with below median LSAT. you have significant past adversity and interesting work experience I would shoot your shot

babycat

15:43

and I honestly don't think the t14 require significantly more intellect than any other law school. the content is pretty much the same

info-man

15:44

the rigor of the T14 law schools is almost entirely the result of who they allow to attend

BulbasaurNoLikeCardio

15:44

Well so far Vandy is highest ranked I went for, hopefully they like me. Its not really the academics/rigor. Following rules and meeting standard is easy it is the competition for class rank and with other students that I think would be my greatest struggle

JumpySubsequentDolphin

15:45

but doesn’t grade inflation at the top schools almost make it easier to get higher grades than it does at >t14

babycat

15:45

@info-man: agreed

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