MANAGEMENT

Detailed explanation-1: -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-2: -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-3: -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-4: -To pay a premium generally means to pay above the going rate for something, because of some perceived added value or due to supply and demand imbalances. To pay a premium may also refer more narrowly to making payments for an insurance policy or options contract.

Detailed explanation-5: -A life insurance premium is the payment you make as your portion of the cost of an insurance policy. You can usually pay your life insurance premium monthly, quarterly, semi-annually, or annually.