2.5 Premium: Definition, Mode or Method of Payment, Days of Grace, Forfeitureand Return of Payment

The premium — the insurance's price: the risk's actuarial computation (the likelihood-and- severity's pricing). The modes: the single-and-instalment; the cash-and-digital (the regulator's channels); the agent's collection (the premium's receipt — the intermediary's authority faces). Thedays of grace: the late-payment window (the life policies' standard — the cover's continuation in the grace period; the revival's faces — the lapsed policy's restoration). The forfeiture: the non- payment's consequence — the lapse (the cover's end); the regulation's protection (the regulator's lapse-relief faces; the policyholder's value protection). The return: the premium's refund cases — the contract's voidness (the insurable interest's absence); the cancellation's faces; the cooling-off's modern debates.