MANAGEMENT

Detailed explanation-1: -The term insurance premium is the amount that the policyholder needs to pay to the insurance company for a specific tenure in return for the insurance coverage they want to have.

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

Detailed explanation-3: -Premium payment term: It refers to the period for which you are required to pay the premiums for your policy. The premium paying term for a term plan can be equal to or lower than the policy term.

Detailed explanation-4: -An insurance premium is the amount of money the insurance company charges you for your insurance policy.

Detailed explanation-5: -The insurance company stipulates that an individual or business periodically pay them a specific amount of money as premium for the availing and maintenance of their insurance policy and coverage. Insurance companies consider many factors while determining the premiums, particularly in case of life insurance.