Weekly Premium Insurance

Posted in Finance, Accounting and Economics Terms, Total Reads: 802

Definition: Weekly Premium Insurance

Weekly Premium Insurance is a type of insurance plan in which insured pay his/her premium on the weekly basis instead of monthly or yearly basis.


This type of insurance plan was popular in 1800s and 1900s. This plan was mainly designed for industrial workers involved in manufacturing industry to match with their earning time cycle. Most of the workers were getting weekly wages so it was easy for insurance agents to get their premium on weekly basis.


But as the income levels started to increase, this insurance plan became unpopular and replaced by monthly or yearly premium insurance as it became affordable to pay large and less frequent premiums.


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