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What is an 'Advance Payment'. An advance payment is a type of payment that is made ahead of its normal schedule, such as paying for a good or service before you actually receive the good or service.
Advance Premium. DEFINITION of 'Advance Premium'. The initial premium paid to bind an insurance policy for a given period of time. The most commonly known use of the term advance premium, is with respect to fluctuating insurance payments, such as payroll-based policies, where the actual amount due is not known until after the fact. Next Up.