Article 954. Insurance premium and insurance premiums.
1. The insurance premium is understood to be the payment for insurance, which the insured (beneficiary) is obliged to pay to the insurer in the manner and within the time limits established by the insurance contract. 2. When determining the amount of insurance premium payable under an insurance contract, the insurer shall have the right to apply the insurance tariffs developed by it that determine the premium charged per unit of insured amount, taking into account the insurance object and the nature of the insured risk. In cases stipulated by law, the amount of insurance premium is determined in accordance with insurance rates established or regulated by state insurance supervision authorities. 3. If the insurance contract provides for the payment of insurance premiums by installments, the contract may determine the consequences of non-payment of regular insurance contributions on time. 4. If the insured event occurred before the next insurance premium payment, which is overdue, is paid, the insurer shall have the right to deduct the overdue insurance premium amount when determining the amount of insurance compensation payable under the property insurance contract or the insurance sum under the personal insurance contract.
References to other articles of chapter 48. Insurance: