UK Insurance Law Episode 5: Insurance Premiums

In this episode, we explore insurance premiums, the financial backbone of insurance contracts. Drawing insights from the Insurance Law Handbook, we break down what constitutes a premium, how it is calculated, and its role in the contractual relationship between insurer and insured. The episode explains the importance of premium payment timing, the implications of non-payment, and the insurer’s remedies if the premium remains unpaid. We also examine the insurer's obligations regarding refunds upon policy cancellation and explore case law addressing disputes over premium adjustments. This session provides a clear understanding of how premiums function as both a contractual obligation and a risk management tool.