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LSDefine

Simple English definitions for legal terms

gross premium

Read a random definition: Court of Shepway

A quick definition of gross premium:

A gross premium is the total amount of money you pay for an insurance policy, including expenses and fees. It is the amount you pay to keep your insurance policy in effect. The gross premium can be broken down into different parts, such as the net premium (the amount that covers the estimated cost of claims) and the loading (the expenses and fees). The earned premium is the portion of the premium that applies to the coverage period that has already expired, while the unearned premium is the portion that applies to the coverage period that has not yet occurred.

A more thorough explanation:

Gross Premium

Gross premium is the total amount of money an insurance company charges for an insurance policy. It includes the net premium (the amount needed to cover claims) plus expenses and the loading (the amount added to the net premium to cover the insurer's costs and profit), minus the interest factor.

  • If the net premium for a one-year insurance policy is $1000, and the insurer adds $200 for expenses and profit, and subtracts $50 for the interest factor, the gross premium would be $1150.
  • In life insurance, the gross premium is the premium for participating insurance, which includes the cost of insurance, expenses, and the insurer's profit.

These examples illustrate how the gross premium is calculated by adding expenses and the loading to the net premium and subtracting the interest factor. The gross premium is the total amount the insurer charges the policyholder for the insurance policy.

grossome | gross profit

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MinorHomelyStoat
10:02
Do u think I will hear from au today
snow
10:02
homely i hope we do!
MinorHomelyStoat
10:02
Yes is the only correct answer ty
Dkk
10:02
Lmfao, it's just part of life in the military. Couple years ago a guy I knew got crushed by a tree. Is what it is.
snow
10:02
@BulbasaurNoLikeCardio: thats smart. i dont know anything about tattoo care lol
babycat
10:02
Also piercings are better to get in the winter
snow
10:02
dk i feel like you would do great in criminal defense
soap
10:02
you good Dk?
snow
10:03
i got my nose pierced last thanksgiving and it got infected @babycat
Dkk
10:03
Probably could just shock the jury into sideing with me lol
babycat
10:03
I mean bc you can’t go swimming with a piercing
Dkk
10:03
Ahh yeah, just hate that word. Trauma. Hate how people use it.
babycat
10:03
So you want to do it in winter when you won’t be missing it. Sorry abt ur nose though
BulbasaurNoLikeCardio
10:04
@snow: healing is super easy it takes like a week to get through the bad part but being in the sun or going in water is a no no so if you get it in the summer that is two weeks at least of no summer fun while winter it doesnt matter
snow
10:04
i think the piercer just did a bad job. my ex and i's piercings both got infected
babycat
10:04
maybe you’re spiritually aligned like that
Dkk
10:04
Gross, piercings.
snow
10:04
@babycat: i was living the bob dylan life man. smoking cigs with a nose piercing while drinkin coffee. have been chasing that high since
BulbasaurNoLikeCardio
10:04
I have been wanting a piercing just to feel what it is like
snow
10:05
@BulbasaurNoLikeCardio: that makes sense. idk im just nervous of infections
snow
10:05
i have my ears pierced but thats it
babycat
10:05
I have a couple types of ear piercings and navel
BulbasaurNoLikeCardio
10:05
Only dirty people get infections from tattoos, higher chance of an allergy to the ink. Just go to a legit shop
Dkk
10:06
I just don't like the idea of the ink in my lymphnodes. That scares me.
carbonoxygenneon
10:06
good morning everyone
BulbasaurNoLikeCardio
10:06
I wanna try a nose peircing to see how it feels. Need a piercer friend who wants to practice on me cause I want to experience it but not keep it
babycat
10:06
You just want to know how it feels to be pierced?
snow
10:07
nose hurt like a bitch, but my tolerance is low
BulbasaurNoLikeCardio
10:07
Yes, I don't think having metal on my face or nips would be fun long term
Dkk
10:07
@BulbasaurNoLikeCardio: I would like that too. I would like to feel that.
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