ECONOMICS (CBSE/UGC NET)

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: -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: -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-4: -Total Premium Amount means the premium price per unit of the Underlying Securities multiplied by the total quantity of Underlying Securities subject to an Option.

Detailed explanation-5: -For example, if you pay $212 per month to keep your car insured, your yearly insurance premium would be $2, 544. If you purchased a six-month policy, your insurance premium would be $1, 272. Insurance premiums usually have a base calculation.