MANAGEMENT

Detailed explanation-1: -An insurance policy’s premium is the amount you must pay to obtain a specified quantity of insurance coverage. It’s usually described as a recurring fee that you pay as a lumpsum, or on a monthly, quarterly, half-yearly, or annual basis during the premium payment period.

Detailed explanation-2: -For starters, as the policyholder, you’re responsible for paying the premium. This is the monthly cost the provider charges for their insurance policies.

Detailed explanation-3: -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-4: -The total amount of premium paid annually is called the annualized premium.