Definition, Meaning & Synonyms
gross-premium
noun
/ɡroʊs ˈpriːmiəm/
Definition
The total amount of money paid by policyholders for insurance coverage before any deductions or adjustments.
Examples
- The gross premium collected by the insurance company this year exceeded expectations.
- Understanding the gross premium can help insurers set their rates more accurately.
- Investors often analyze the gross premium to assess the health of an insurance company’s financial performance.
Meaning
Gross premium is the total income received from insurance premiums without accounting for any expenses, claims, or discounts.
Synonyms
- total premium
- premium income
- insurance premium
