fixed premium

fixed premium
A premium is a definite fixed sum, for example the premium paid annually upon an old-line life insurance policy or the premium paid upon obtaining a loan from a building and loan association. 13 Am J2d B & L Assoc § 54. A noncompetitive premium charged a borrower by a building and loan association, that is, a premium not determined by competitive bidding, 13 Am J2d B & L Assoc § 55.

Ballentine's law dictionary. . 1998.

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