Weekly premium insurance

Weekly premium insurance,

Definition of Weekly premium insurance:

  1. Weekly premium insurance is a type of financial protection where the payments that the insured makes in return for coverage are paid weekly. This type of insurance was introduced by Prudential in 1875 and was common in the late 1800s and early 1900s. At that time, insurers were unable to get insurance with monthly premium payments to catch on with consumers. The small weekly premium payments were designed to match up with workers' pay schedules and modest incomes. Also known as industrial life insurance.

  2. An amount to be paid for a contract of insurance.

  3. Weekly premiums were a feature of industrial insurance, a type of life insurance product offered to workers employed in industrial jobs such as manufacturing. Insurance companies collected the premium payments by sending agents to people's homes. In the mid 1900s, the number of weekly premium insurance policies began to decline because rising incomes made larger and less frequent premium payments more affordable for many families.

  4. A policy wherein the agent makes a personal visit to the insureds home in order to collect the premium. These types of policies are usually only for small amounts.

Meaning of Weekly premium insurance & Weekly premium insurance Definition

Weekly Premium Insurance,

Definition of Weekly Premium Insurance:

A simple definition of Weekly Premium Insurance is: Weekly Premium Insurance is an insurance policy that is paid weekly through insurance. This is usually life insurance, although weekly insurance of any kind can be considered weekly premium insurance. Because these guidelines are calculated more frequently than monthly or annually, each premium is paid less.

Weekly Premium Insurance means: Weekly premium insurance is a form of financial security in which the insured is paid for coverage every week. This type of insurance was introduced by Prudential in 1875 and was commonly used in the late 19th and early 20th centuries. At the time, the insurer was unable to insure customers with monthly bonus payments. The small weekly bonus is designed to accommodate the salaries and income plans of ordinary employees. Also called industrial life insurance.

Literal Meanings of Weekly Premium Insurance

Weekly:

Meanings of Weekly:
  1. Done, will be or will be once a week.

  2. Newspapers or magazines are published every week.

Sentences of Weekly
  1. There is a weekly dance on Wednesdays

  2. Interviews are held every week

  3. The average journalist for a newspaper is 5.5 and the weekly is 5.4.

Synonyms of Weekly

each week, on a weekly basis, seven-day, once a week, every week

Premium:

Meanings of Premium:
  1. Amount paid for an insurance policy.

Sentences of Premium
  1. If the calculations are correct, the income of a pensionable worker includes the premiums that must be paid to the insurance company in addition to his salary to get equal rights.

Synonyms of Premium

insurance payment, extra amount, extra charge, remuneration, prize, bonus, regular payment, percentage, insurance charge, surcharge, extra, additional payment, instalment, perk, additional fee, recompense, reward

Insurance:

Meanings of Insurance:
  1. The methods or contracts used by companies or government agencies provide a guaranteed compensation for certain losses, injuries, illnesses or deaths in return for the payment of premiums.

  2. Something to protect against possible emergencies.

Sentences of Insurance
  1. Maintaining a high standard of personal conduct is an excellent guarantee against personal problems.

Synonyms of Insurance

indemnification, safety measure, protection, preventive measure, safeguard, cover, security, financial protection, immunity, defence, surety, provision, precaution, indemnity, shelter