What is a Term Premium?

Term insurance refers to insurance that bears the risk of loss of the subject-matter insured within a certain period of time. Commonly used in ship insurance. Article 5 of the People s Insurance Company of China s marine vessel insurance stipulates: Term insurance: the maximum period is one year. The starting and ending time is based on the date indicated on the insurance policy. When the insurance expires, if the insured ship is still in navigation or This insurance continues to be in charge until the ship arrives at the port of destination after the insured has notified the insurer in advance and paid the insurance premium in proportion to the port of call.