Annual Premium
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The Annual Premium is the amount of premium paid when the Premium Mode is Annual. Many insurance policies express their premiums in the policy contract as an annual premium with the assumption that the premium is paid in advance. If the company offers other premium modes, these modes will include some interest. Therefore, the monthly premium, multiplied by 12 will often be more than the annual premium. This amount will be referred to as the "Annualized Premium."
If you are using the optional commission module, when only one annual premium field is displayed (no excess annual premiums), Advisors Assistant considers this premium the base premium.