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Simple English definitions for legal terms

gross premium

Read a random definition: Visby, laws of

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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16:45
@bigfatsloth: an early welcome to north carolina :3 i will NOT be joining you in the forest unfortunately
NosyBeagle
16:47
lol same but the second in command gives me tasks
NosyBeagle
16:47
none today tho
NosyBeagle
16:47
it's almost 4pm and i play nyt sudoku at 4pm and i am thrilled. this is my life now
globalcitizen
17:22
Waitlists serve as little gestures to aa era on the way out
globalcitizen
17:22
That’s nice
ParallelAgreeableOrangutan
17:34
To what?
Anyone get uva feeler/auto email about waitlist
ParallelAgreeableOrangutan
18:28
I got the email. Based on the language in the email, I'd be surprised if many feelers were going out
I mena, the same is true for all of them lmfao WL =R
ParallelAgreeableOrangutan
18:51
That's demonstrably not true. I've gotten feelers and others in this chat have as well. Not sure why you're asking questions when you clearly aren't interested in the answers
hello
19:22
hey yall
ParallelAgreeableOrangutan
19:25
Hi llama!!
21:15
@ParallelAgreeableOrangutan: How are you!
ParallelAgreeableOrangutan
22:02
tbh kinda losing my mind, I'm visiting my parents in my childhood home and whenever I do this I remember why I never do this aahhaha
ParallelAgreeableOrangutan
22:02
My dog likes it here tho
ParallelAgreeableOrangutan
22:02
How are youuuuu?
22:26
@ParallelAgreeableOrangutan: Deep/tough. Feels. Im well working on a project so im happy :)
22:28
should i hit the dmt pen in the sauna and meet god
ParallelAgreeableOrangutan
22:31
Ooh what kind of project? Work, passion, neither, both?
ParallelAgreeableOrangutan
22:31
@NemoPropheta: do it do it
22:37
alright day before my lsat ill hit a blinker in the sauna and become one with the test
22:47
@ParallelAgreeableOrangutan: law school data so just passion.
22:47
@NemoPropheta: noo they drug test before the LSAT! U will get flagged!
ParallelAgreeableOrangutan
23:19
I'm intrigued llama
ParallelAgreeableOrangutan
23:21
Holdddddup all that number crunching on your lsd profile is your work? Damn
ParallelAgreeableOrangutan
23:21
I don't visit y'all's profiles enough, clearly
NarrowFaithfulCougar
0:22
@NemoPropheta: Ahh yeah, the Sauna. That's some good Nordic shit. Beats the hot tub hands down. Plus everyone is naked.
1:23
@ParallelAgreeableOrangutan: got that weaponized autism in gear, we out here.
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