Insurance Premium is the amount paid by the insured to the insurer in exchange for coverage under the policy for a specified period. The premium is calculated based on the insured's risk profile, the scope and limits of coverage, claims history, deductibles, and other underwriting factors specific to the risk being transferred. Premiums may be structured as annual, monthly, or other agreed payment terms, and typically include goods and services tax (GST) and applicable state or territory stamp duty. Non-payment of premium may result in policy cancellation or suspension of coverage, affecting the insured's ability to make claims during the arrears period.
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