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What is the difference between "Premium" and "Premier" in terms of insurance?

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تم إضافة السؤال من قبل Fadi Jameel , Engineer , Juma Al Majid Est
تاريخ النشر: 2015/05/28
ايمن محمد عاطف محمد
من قبل ايمن محمد عاطف محمد , Director of the control and regulation unit , ACOLID

These are two completely different terms. Premium is the annual dollar amount you pay for coverage. "Premier" is a term used by an insurance agency to make the coverage look more sophisticated than it really is.

Mamoun elbaghir abdalla mhamad Eltayeb
من قبل Mamoun elbaghir abdalla mhamad Eltayeb , Insurance agent / Producer , Albaraka Insurance Company

The premium is the insurance premium that paid be the insured in corresponding to the insurance coverage or contract.which is sum of money that  determined by the insurance company's underwriter after risk assessment .

the term premier unclear  to me . however I expect that may refers to the insured how paid the insurance premium.

Thanking you.

Waqayan Al Waqayan
من قبل Waqayan Al Waqayan , Secretary of Sharia Supervisory Board (SSB) , Ahli United Bank (AUB)

Premium is an amount to be paid for an insurance policy.

Premier is a term used by an insurance agency to offer a special services, coverages, prices ...ETC.

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