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What is the Total Policy Minimum Premium?

April 26, 2017minimum policy Premium total

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What is the Total Policy Minimum Premium?

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The Total Policy Minimum Premium is the lowest premium required in order to provide insurance under the Standard Policy for a policy period not longer than one year. (For short term policies, refer to Rule VI J. For policies issued for a period over one year, refer to Rule III C.) Total Policy Minimum Premium is the sum of the Classification Minimum Premium, the Employers’ Liability Increased Limits Minimum Premium, and the Admiralty or Federal Employers Liability Act Minimum Premium.