What does basic premium mean?

basic premium meaning in Law Dictionary

The part of premium useful for administrative and agents costs.

basic premium meaning in Business Dictionary

A fraction of the conventional advanced. This portion can be used for administrative costs and representatives' commissions.

basic premium meaning in Insurance Dictionary

In a retrospective score program, the policy standard (or subject) advanced increased because of the standard premium element or standard advanced proportion. It offers for insurer expenses, revenue, and contingencies.