MANAGEMENT

Detailed explanation-1: -The insurance premium is the sum of money an individual or business must pay for an insurance policy. The amount of insurance premium that is paid out by the policyholder to the insurance company depends on a variety of factors.

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: -Premium-The amount paid by an insured to an insurance company to obtain or maintain an insurance policy.

Detailed explanation-4: -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.