BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -An insurance premium equates to the money that is paid by any person or company/business for availing of an insurance policy. The insurance premium amount is influenced by multiple factors and varies from one payee to another.

Detailed explanation-2: -Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk. Description: In an insurance contract, the risk is transferred from the insured to the insurer. For taking this risk, the insurer charges an amount called the premium.

Detailed explanation-3: -The fee paid by the insured to the insurer for assuming the risk is called the premium.

Detailed explanation-4: -In general, they need to pay the total insurance premium in instalments. In some cases, they can pay the entire amount upfront before the start of the policy. Policyholders must pay the premiums on time to avoid cancellation of their plan.

Detailed explanation-5: -An insurance premium is an amount that every insurance policyholder has to pay; in return for which, the insurers provide coverage against the losses as per the policy.