additional premium

An additional payment required of a mortgagor for the privilege of paying the principal in advance, thereby stopping the accumulation of interest. Anno: 70 ALR2d 1334. The term is also used to designate the increase in premium payable under an insurance policy when additional coverage is given, such as an additional premium where coverage for loss by hail is added to a policy otherwise insuring only against loss from fire and windstorm.

Ballentine's law dictionary. . 1998.

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