My pet insurance policy mentions a "premium." What is that?

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PolicyGenius Admin

PolicyGenius Admin

Blog author PolicyGenius Admin

Published April 22, 2015

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The premium is the recurring cost of the insurance policy. You pay this amount monthly (or annually in some cases) regardless of whether you make a claim on the policy. If you stop paying the premium on the policy, the coverage terminates (in insurance language, this is called "lapse").