minimum premium

  • The lowest monetary consideration for which a policy will be issued. In some cases this is also the amount retained by the company in case of cancellation by the insured.

    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).