Question: What Does Pay Amount Mean?

What does paid amount mean?

Paid Amount means the actual dollar amount paid for a health care service rendered under the terms of an insurance policy, health benefits plan or state labor and industries pro- gram for covered services, excluding member copayments, coinsurance, deductibles and other sources of payment..

What does amount mean?

An amount is a number, or quantity, of something. … Amount is also a verb, meaning “add up to,” like when you hope the tips you earn will amount to more than minimum wage. This meaning came before the noun amount, from the now obsolete definition, “to mount a horse,” from the Old French amonter, “upward.”

What is premium in insurance term?

In a nutshell, an insurance premium is the payment or installment you agree to pay a company in order to have insurance. You enter into a contract with an insurance company that guarantees payment in case of damage or loss and, for this, you agree to pay them a certain, smaller amount of money.

What does it mean to pay a premium?

n. 1 an amount paid in addition to a standard rate, price, wage, etc.; bonus. 2 the amount paid or payable, usually in regular instalments, for an insurance policy. 3 the amount above nominal or par value at which something sells.

What is premium income?

Premium income is any money received by an individual or business as part or all of a premium payment. The term applies commonly to options contracts or insurance policies.

What is due payment?

owed at present; having reached the date for payment: This bill is due. owing or owed, irrespective of whether the time of payment has arrived: This bill is due next month. owing or observed as a moral or natural right.

What does total payment amount mean?

This total includes principal, interest, mortgage insurance (if applicable), and loan costs. …

What does due amount mean?

If you are delinquent on your credit card then the amount due is the amount that you need to pay in order to get back into good standing. More specifically, the amount due in this scenario is the sum of all the consecutive minimum payments that you have missed plus the amount of the upcoming minimum payment.

What is the amount payable?

If an amount of money is payable, it has to be paid or it can be paid.

How premium is calculated?

Insurance companies consider several factors when calculating insurance premiums:Your age. Insurance companies look at your age because that can predict the likelihood that you’ll need to use the insurance. … The type of coverage. … The amount of coverage. … Personal information. … Actuarial tables.

What is due to a person?

Apt, likely, or set to do something. I think you should try to sell your house now, as the skyrocketing prices in this area are due to drop soon. 3. Owed to someone. I never got my last paycheck, so I have money due to me!

What is the difference between due and do?

Do is always a verb. It can be a main verb, meaning to complete or perform a task or a helping verb used to form questions or negative statements. Due can act as an adjective, noun, or adverb that means owed at a certain time, something which is owed, or directly.