A fraction of the standard premium. This portion is used for administrative costs and agent commissions.
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- What is basic premium? definition and meaning
Definition of basic premium: A fraction of the standard premium. This portion is used for administrative costs and agents' commissions.
- Basic Premium - Financial Dictionary - The Free Dictionary
The portion of a life insurance premium that a policyholder pays, usually monthly, that compensates the insurer for administrative expenses, commission for the ...
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