BUSINESS ADMINISTRATION
BANKING AND INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Premium
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Copay
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Tax
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Benefit
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Detailed explanation-1: -Definition: The total amount of premium paid annually is called the annualized premium. Description: Any insurance policy comes up with many premium payment options. Premium can be paid monthly, quarterly, semi annually and annually.
Detailed explanation-2: -The amount you pay for your health insurance every month. In addition to your premium, you usually have to pay other costs for your health care, including a deductible, copayments, and coinsurance.
Detailed explanation-3: -Premiums can be paid through monthly, half-yearly or even annual installments. Customers can also pay the entire amount as a one-time payment for the whole policy term prior to the commencement of coverage in some cases.
Detailed explanation-4: -A semi-annual premium is a payment that is made every six months to keep an insurance policy active. This type of premium is less common than an annual premium, but is still offered by some insurance companies.