what is a premium pay
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- Premium Codes Definitions Revised 05/10/2011 PREMIUM PAY DEFINITIONS Eligible employees may be paid up to a three premium-step increase above the regular rate of pay as premium pay. Each premium pay step approximates 5%. No employee shall receive more than a three premium-step pay increase or approximately 15% above the regular rate of pay.
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- the overtime premium is 50 % of the employee s usual hourly wage this means an employee who works overtime must be paid time and a half the employee s usual hourly wage plus the 50 % overtime premium for every overtime hour worked these laws contain many exceptions so not all employees are entitled to overtime
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- A premium is an amount an insurance company charges for health, life, auto or homeowner's coverage. Insurance premiums cover vehicle owners in the event of an accident. The base point for an insurance premium is based primarily on statistical anaylsis.
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Obamacare Premium Tax Credit: What Is It and Who Qualifies? How the Premium Tax Credit Works. The Premium Tax Credit is designed to offset some of the costs of your monthly insurance premiums. Your eligibility for the credit is determined when you apply to purchase insurance through the federal Health Insurance Marketplace. The Marketplace lets you buy insurance at one of four different premium levels: bronze, silver, gold and platinum.
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- Health Insurance. A health insurance premium is a monthly fee paid to an insurance company or health plan to provide health coverage. Health care coverage typically includes all or part of the cost of health-related services such as doctor visits, hospitalizations, prescriptions, and medications.
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Difference between Coinsurance, Deductible, Out-Of-Pocket Limit, Copayment and Premium Premium. Premium is the amount of money you have to pay for insurance. Premiums are usually paid in monthly or quarterly installments. Choosing a medical plan that fits your needs and budget is based mostly on balance between deductible, coinsurance, and out-of-pocket limit. All of the three affect your health insurance premium.
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- Definition of 'Premium'. Tweet. Premium is an amount paid periodically to the insurer by the insured for covering his risk. Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk. Description: In an insurance contract, the risk is transferred from the insured to the insurer. For taking this risk, the insurer charges an amount called the premium.
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What is an Insurance Premium? An insurance premium is usually collected in monthly, semi-yearly, or yearly payments, depending on the type of policy. Policyholders also often have the option of combining their payments with fees for other services, or taking out several types of policies with one company to lower the overall costs.
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- Premium Pay: Regular and Irregular Overtime. If you are required to work more that 8 hours a day or more than the standard 40-hour workweek, you can expect to be compensated for the extra time - - either by payment at an overtime rate, or by time off on an hour-for-hour basis (know as compensatory time off). Premium Pay Essentials.
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judicatory from The American Heritage® Dictionary of the English Language, 4th Edition. 1  n. A law court or system of law courts; a judiciary. 2  adj. Of or relating to the administration of justice.
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What is a 'Premium' The premium of an option is basically the sum of the option's intrinsic and time value. It is important to note that volatility also affects the premium. 2. If a fixed-income security (bond) is purchased at a premium, existing interest rates are lower than the coupon rate.Investors pay a premium for an investment that will return an amount greater than existing interest rates. 3. A common example of an insurance premium comes from auto insurance.. If a fixed-income security (bond) is purchased at a premium, existing interest rates are lower than the coupon rate. Investors pay a premium for an investment that will return an amount greater than existing interest rates.
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insurance premium Related Terms. Financial cost of obtaining an insurance cover, paid as a lump sum or in installments during the duration of the policy. A failure to pay premium when due automatically cancels the insurance policy which, upon payment of the outstanding amount within a certain period, may be restored.
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Assignment 6 - Life Insurance Policies Practice Exam Text Explanation: D. Although limited pay policies are a type of whole life insurance, the premium is paid during a limited period of time, such as 20 years. However, the policy does not reach maturity until age 100. Limited pay policies are very expensive, but build cash values very rapidly.
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When Must Employers Pay Overtime? the overtime premium is 50 % of the employee s usual hourly wage this means an employee who works overtime must be paid time and a half the employee s usual hourly wage plus the 50 % overtime premium for every overtime hour worked
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Health Insurance: What is the Premium Tax Credit? The premium tax credit is a government subsidy to help make health insurance premiums more affordable for middle and low-income people. The subsidy is only available to people with modified adjusted gross incomes from 100 to 400 percent of federal poverty level.
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- The premium is an amount that is paid to a health care provider, not paid by a health care provider. Thus, it is up to the individual to make sure the monthly premium is paid so that the coverage remains active.
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Insurance The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster.
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Premium The amount you pay for your health insurance every month. In addition to your premium, you usually have to pay other costs for your health care, including a deductible, copayments, and coinsurance. If you have a Marketplace health plan, you may be able to lower your costs with a premium tax credit. When shopping for a plan, keep in mind that the plan with the lowest monthly premium may not be the best match for you.
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What is 'Advance Premium' Advance Premium. DEFINITION of 'Advance Premium'. The initial premium paid to bind an insurance policy for a given period of time. The most commonly known use of the term advance premium, is with respect to fluctuating insurance payments, such as payroll-based policies, where the actual amount due is not known until after the fact. Next Up.
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- 1. 1  a specified income payable at stated intervals for a fixed or a contingent period, often for the recipient's life, in consideration of a stipulated premium paid either in prior installment payments or in a single payment. 2  the right to receive such an income, or the duty to make such a payment or payments.
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- Usual waiting time between segments of a trip or at common carrier terminals counts as worktime for premium pay (up to 3 hours in unusually adverse circumstances, e.g., holiday air traffic, severe weather) provided travel away from the duty station is compensable because it meets any of the conditions of this Section.
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Understanding Health Insurance Costs: Premiums, Deductibles & More Your health insurance plan premium is an obvious cost, and most people pay it on a monthly basis. Your premium is the payment you make to your health insurance company that keeps your coverage active.
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premium premium. 1. The price at which an option trades. The size of the premium is affected by various factors including the time to expiration, interest rates, strike price, and the price and price volatility of the underlying asset. Also called option premium.2.. The price at which an option trades. The size of the premium is affected by various factors including the time to expiration, interest rates, strike price, and the price and price volatility of the underlying asset. Also called option premium. 2.
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- Buyer's Premium. An additional fee paid by the buyer/winning bidder at an auction. Normally the fee is a percentage (10 - 20%) added onto of the final bid price. Be sure to take these additional monies into account when placing an auction bid.
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- Thus, the premium paid is between one that is immensely onerous and another simply too onerous. 1  Actionable advices: 2  Royal Bank is a shareholder's wealth creator. 3  Disclosure: The author is long RY. 4  The author wrote this article themselves, and it expresses their own opinions.
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- Premium Pay: Regular and Irregular Overtime. If you are required to work more that 8 hours a day or more than the standard 40-hour workweek, you can expect to be compensated for the extra time - - either by payment at an overtime rate, or by time off on an hour-for-hour basis (know as compensatory time off).Premium Pay Essentials.f you are required to work more that 8 hours a day or more than the standard 40-hour workweek, you can expect to be compensated for the extra time - - either by payment at an overtime rate, or by time off on an hour-for-hour basis (know as compensatory time off).