advance premiums

  • Prepaid premiums; premiums paid in advance of their due date. Where premiums are paid in advance of their due date, it is a frequent practice to allow a discount in accordance with a schedule of discount factors.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­www.irs.gov/­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).