Insurance Made Simple
If you’re visiting this page, then good on you for trying to understand insurance better! We’ve highlighted common and useful insurance terms here and broke them down in plain English.

Premium

Premium is the price you pay for an insurance policy, which typically can be paid monthly or annually.

Why it matters:

Insurance jargon alert! We also don't know why it's called "premium" instead of "price".

A policy's premium is determined through complicated mathematical calculations, taking in account an individual’s age, height, weight, health history, and other factors. Therefore, the price for insurance varies from person to person, or pet to pet.

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