premium rate business definition
- The cost of insurance coverage for a specified time. For example, term life insurance may have a premium rate of $1.50 for each $1,000 of coverage.
- The unusually high charges entailed in calling certain telephone numbers. For example, a typical scam informs a person they must call a particular telephone number in order to claim a valuable prize. The call results in the caller paying a premium rate for each minute of time on the telephone.