How insurance premiums are calculated and paid.
Age last birthday is an insurance pricing method that calculates your age based on your most recent birthday. It represents your actual age in completed years rather than your age at your next birthday.
Age nearest birthday is an insurance pricing method that calculates your age based on whichever birthday is closest to the date your policy takes effect, whether it is your last birthday or your upcoming one.
An annual premium is the amount you pay to an insurance company once a year to maintain your insurance coverage.
