total premium

USAGE SUMMARY

"total premium" is a correct and usable phrase in written English.
You can use it when referring to the overall cost or amount of money that must be paid for insurance coverage. Example: "The total premium for my car insurance was quite high this year due to my recent accident."

✓ Grammatically correct

News & Media

Science

Formal & Business

Human-verified examples from authoritative sources

Exact Expressions

47 human-written examples

That's why it keeps administrative costs down to 2.3percentt of the total premium.

The New York Times

Under current law, such discounts can be no greater than 20percentt of the total premium.

The New York Times

That would be up from the current limit of 20 percent of the total premium.

The New York Times - Health

By the end of 2011, RBS had paid out a total premium of £2.25bn in order to use the programme.

The Guardian - Business

Consumers buying just one of these will pay less, but note this is just for the flood element – the total premium price will be higher.

The Guardian - Money

(Because comprehensive coverage amounts to roughly one-sixth the cost of a total premium, overall rates have not fallen as much).

The New York Times

Human-verified similar examples from authoritative sources

Similar Expressions

9 human-written examples

In 2008, 21st Century reported total premiums of $3.6 billion.

The New York Times

Total premiums will also remain higher for expensive vehicles than for more modest ones.

The New York Times

Payouts by workers' compensation insurers have also been rising, and total premiums are a half-billion dollars less than a decade ago.

The New York Times

Insurance company NicozDiamond, for instance, wrote total premiums, at today's exchange rates, of $5,171 in the year to May.

The Economist

Life insurance, which has been hardest hit by the financial crisis, still provides about 60% of total premiums.

The Economist

Expert writing Tips

Best practice

In financial reports, use "total premium" to accurately represent the gross cost before any discounts, subsidies, or adjustments.

Common error

Avoid using "total premium" interchangeably with partial payments or installments. Always clarify if you're referring to the entire cost or a portion thereof.

Linguistic Context

The phrase "total premium" functions as a noun phrase, typically serving as the subject or object in a sentence. It identifies the complete amount due for an insurance policy or service. Ludwig AI confirms its correct usage in financial and insurance contexts.

Expression frequency: Very common

Frequent in

News & Media

54%

Science

24%

Formal & Business

12%

Less common in

Wiki

4%

Academia

2%

Encyclopedias

0%

Ludwig's WRAP-UP

In summary, "total premium" is a frequently used and grammatically sound noun phrase that refers to the comprehensive cost of an insurance policy or financial service. As noted by Ludwig AI, it is commonly found in news reports, scientific articles, and formal business documents. Its primary function is to provide a clear statement of financial obligations. To ensure clarity, specify what the "total premium" includes and avoid confusing it with partial payments. Related phrases include ""overall premium cost"" and "aggregate premium". Common errors include misinterpreting premium components.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

overall premium cost

Emphasizes the comprehensive expense associated with an insurance plan.

aggregate premium

Focuses on the sum of all premiums.

complete premium amount

Highlights the finished premium total.

full premium payment

Stresses the entire payment due.

total insurance cost

Broadens the context to insurance in general.

gross premium

Implies the premium before any deductions.

combined premium

Highlights that several premiums are added together.

entire premium

Focuses on the wholeness of premium.

net premium plus charges

Indicates that the premium is net premium plus charges.

policy price

Uses the term price instead of premium.

FAQs

How is "total premium" calculated in insurance?

The "total premium" is calculated by considering factors such as coverage type, risk assessment, policy terms, and any applicable surcharges or discounts. It represents the complete cost for the insurance coverage provided.

What factors influence the "total premium" of a health insurance plan?

Factors influencing health insurance premiums include age, location, plan type, coverage level, deductibles, and cost-sharing arrangements. Pre-existing conditions and tobacco use may also affect the "overall premium cost".

Is the "total premium" the same as the amount I pay monthly?

Not necessarily. The "total premium" is the overall cost for the policy's duration (usually a year). Your monthly payment is often an installment towards this total, but the "full premium payment" is the actual cost of the insurance.

What are some strategies to reduce the "total premium" for insurance?

Strategies include increasing the deductible, opting for a less comprehensive plan, bundling multiple policies, maintaining a good credit score (where applicable), and taking advantage of available discounts, such as safe driver or good student discounts.