6.1 Introduction

The premium is the consideration given by the insured in return for the insurer's undertaking to cover the risks insured against in the policy of insurance.1 According to art. 14 of the Insurance Law, after the conclusion of an insurance contract, the insured shall pay the premiums according to the agreement and the insurer shall begin to assume insurance liability from the agreed time.2 Paying the premium is the insured's primary contractual obligation. The insured should pay the premium to the insurer in accordance with the agreed time, the amount, the method of payment, the time period, and place of payment.