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This question belongs to Commerce Insurance

Insurance

?

What does the term “premium” denote in relation to an insurance policy?

A) Profit earned by the insurer B) Price paid by an insured for purchasing the policy C) Expenses incurred by an insurer on a policy D) None of the above

Answer & Solution

Correct Answer: Option B

The term premium denotes the price that is paid by an insured for purchasing an insurance policy.

Question posted by Examveda

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