Definitions for "ADDITIONAL PREMIUM"
A further premium payable by the insured as a result of policy endorsement, that may have increased the risk or amended the policy conditions or sum insured.
When a policy has been issued subject to rate, subject to audit, subject to inspection, is assessable, or when the policy is endorsed, the additional premium is the extra amount due, over and above the initial premium stated in the Declarations, because of the increased exposures, higher rates, retrospective rate calculations, additional coverage, or premium audit.
Life insurance premiums, in addition to those used to scheduled, that can be applied directly toward the purchase of additional coverage and/or to increase cash values. Also, additional money added to/deposited into an annuity policy.