What is an "insurance premium payment"?

What is an "insurance premium payment"?

Sam Friedman (Editor-in-Chief, National Underwriter, Property & Casualty Edition) gives expert video advice on: What is an "insurance claim"? and more...

Essentially an insurance premium payment is what you owe for the insurer to offer you coverage. It's the bill you are going to get that says you have to pay this premium. You either pay it in full; many carriers will offer you an installment plan. If you do pay on installment there might be some additional charges, so you should ask about that when you see your agent. Essentially, the insurance premium payment is just the amount of money the insurance company needs to collect from you in order to assure you complete coverage.