What is a key feature of premium installments in non-life insurance?

The key feature of premium installments in non-life insurance being typically limited reflects the structured payment approach that insurers adopt. In non-life insurance, policies like auto or home insurance usually offer flexible payment options, allowing policyholders to pay their premiums in installments rather than a single lump sum.

This limitation often pertains to the number of installments and the duration over which they can be paid, which can vary based on the insurance provider’s policies and specific terms of the policy. The installments are typically set up to ensure that the total amount due is manageable for the policyholder, while also providing the insurer with a steady cash flow throughout the policy term.

In contrast, other choices do not align well with common practices in non-life insurance. For example, premiums in non-life insurance do not necessarily have to be paid in full at the start, nor are they inherently higher than life insurance premiums across the board. Refundability of premiums after a policy's expiration is also not a standard feature, as non-life insurance premiums are generally considered earned once the coverage period has passed, meaning they would not be refundable.