Fractional Premium
In insurance, a proportionate amount of the annual premium, that is, one-twelfth of the annual premium per month for each month involved. A premium less than the mode premium, usually used when a change in premium date is desired and the premium must be set to cover the tie period between the original payment date and the new one.
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Common Compensation Terms and Formulas
- Includes the latest updates: Compensable factors, defined benefit plan, job leveling, lead differential, shift differential and more.
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