Respuesta :
The action should a producer take if the initial premium is not submitted with the application is forward the application to the insurer without the initial premium.
What is Premium?
- Generally speaking, a security trading at a premium is one that is above its theoretical or intrinsic worth (in contrast to a discount).
- If the price paid for fixed-income security is greater than par, the difference between that price and the security's face amount is referred to as a premium.
- The cost of purchasing an insurance policy or the recurring payments that an insurer requires to offer coverage for a specific amount of time.
- The full sum to purchase an options contract (often synonymous with its market price). In the world of finance, "premium" can refer to a variety of things, such as the cost of purchasing an insurance plan or an option.
- A bond's or other security's premium price is the amount paid over the issuance price or inherent value of the security.
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