Insurance Premium
The word insurance premium has its origins in Greek insurance, which was the first form of insurance recorded. Insurance was a form of loan taken when goods where shipped to other countries and premium described the interest charged on the loan that was higher than the normal interest.
Today an insurance premium simply means the price of insurance for a specified risk and for a specified period. If you take out car insurance, for example, you will pay a monthly premium (price or rate) for the cover that you receive from the insurance company. Premiums are usually paid monthly although some insurers will give discount for insurance paid in advance. Insurance for vintage or collectable cars are normally charged as an annual premium, paid in advance.
The details of your insurance will be stipulated in your insurance policy contract and schedule. It will list the amount of insurance, when and where it is payable and the length of the contract. Short-term insurance such as car insurance does not have an end date and insurance cover will continue for as long as the premiums are paid (and the other conditions are adhered to.) If the premiums are not paid the insurance cover will fall away after the laid-down grace period, for car insurance it is usually 15 days.