Define: "Policy Fee"
A charge for policy administration expenses incurred by the insurance company. The policy fee is usually included in the premium.
More Examples of Policy Fee:
Some insurance companies charge a policy or application fee. This fee usually covers costs associated with processing your application, postage costs and administrative and handling fees associated with your policy. This fee is usually non-returnable. Example -
"The $0 policy fee applies to all Preferred Term 10 policies of $250,000 or more issued after July 1, 2004 and is effective for the life of the policy."
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