What is another term for a life insurance policyholder's payment?

The term "premium" refers to the regular payment that a policyholder makes to an insurance company in order to maintain an insurance policy, including life insurance. This payment is typically made on a monthly, quarterly, or annual basis, depending on the terms of the policy. The premium is essential for keeping the insurance coverage active and ensures that the insurer can provide the benefits outlined in the policy in the event of a claim.

In the context of life insurance, the premium is calculated based on various factors, including the insured individual's age, health status, and the amount of coverage chosen. It is a fundamental component of the insurance contract that guarantees the policyholder and their beneficiaries the financial protection provided by the policy.

The other terms, while related to insurance, do not describe the policyholder's payment in this specific context. A deductible refers to the amount the insured must pay out-of-pocket before the insurance coverage kicks in, co-insurance involves sharing the costs of a claim between the insurer and the insured, and a surcharge is typically an additional fee that may be applied under certain circumstances, rather than a regular payment like a premium.