What is minimum premium in insurance?

 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.