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The minimum premium is a deposit premium charged in advance subject to adjustment and usually applied to stocks and storage policies as sum insured is changable during the course of the policy period.
for example/ in strage policy sometimes called a declaration policy intial prmium charged as follows
sum insured multiply by insurance rate by75% ( subject to adjustment at the end of the policy period.)
i.e75% of the total premium is a minimum premium.
note /premium adjustment depends on the actual amounts declared by the insured at the end of the policy period.
Thanking You.
The least amount of premium to be charged for providing a particular insurance coverage. The minimum premium may apply in any number of ways such as per location, per type of coverage, or per policy.
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