GENERAL KNOWLEDGE

Detailed explanation-1: -An insurance premium is the amount of money that you pay for an insurance policy. You pay insurance premiums for policies that cover your health, car, home, life, and others. Insurance premiums vary depending on your age, the type of coverage, the amount of coverage, your insurance history, and other factors.

Detailed explanation-2: -The life insurance premium is the amount paid by the policyholder at the time of purchasing the policy. The policyholder can choose from the different premium payment options (single pay, limited pay, or regular pay) to pay the premium of the policy.

Detailed explanation-3: -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. If you have a Marketplace health plan, you may be able to lower your costs with a premium tax credit.