BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -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-2: -An insurance premium is the amount of money an individual or business pays for an insurance policy. Insurance premiums are paid for policies that cover healthcare, auto, home, and life insurance. Once earned, the premium is income for the insurance company.

Detailed explanation-3: -An insurance premium is the amount you pay for an insurance policy. Simply put, premiums are what you pay insurance companies in exchange for coverage. Therefore, when you hear “insurance premium, ” think “insurance price.” You typically pay premiums monthly, semiannually or annually, depending on the policy.

Detailed explanation-4: -Insurance expense is the charge that a company takes on for the insurance policy or policies it wants to protect itself and its workers. The agreement is that, as the policyholder, the company pays premiums on the policies.

Detailed explanation-5: -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.