Modal premium means the premium paid on a contract based on a premium term which could be annual, semiannual, quarterly, monthly, or weekly.
Modal premium means the premium paid on a contract based on a premium term which could be annual, semi-annual, quarterly, monthly, or weekly. Thus if the annual premium is one hundred dollars and if, instead, monthly premiums of nine dollars are paid then the modal premium is nine dollars.
Modal premium means the premium paid on a health insurance policy or certificate based on a premium term that could be annual, semiannual, quarterly, monthly, or weekly.
Examples of Modal premium in a sentence
Yearly – 100%, Half yearly – 51%,Quarterly – 26%, Monthly – 8.8% IllustrationGiven below is an illustration of the benefits payable, over the policy term for different combinations for a healthy individual: Note: Assuming survival for 30 years# Modal premium i.e. Annual Premium X Premium Modal Factor (₹ 20,000 X 51%) Please note: The above illustration is an extract of a separate, more detailed benefit illustration.
More Definitions of Modal premium
Modal premium means the premium paid on a contract based on a premium term that could be annual, semi‑annual, quarterly, monthly, or weekly. Thus if the annual premium is one hundred dollars ($100.00) and if, instead, monthly premiums of nine dollars ($9.00) are paid then the modal premium is nine dollars ($9.00).
Modal premium means the premium paid on a contract based on a premium term which could be annual, semi-annual, quarterly, monthly, or weekly. Thus, if the annual premium is $100 and if, instead, monthly premiums of $9 are paid then the modal premium is $9.
Modal premium means the premium paid on a contract based on a premium term which could be annual, semi-annual, quarterly, monthly, or weekly. Thus if the annual premium is