Question

What is premium in the context of insurance?

a.

Compensation paid by the insurer

b.

Consideration paid by the insured

c.

Financial loss of the insurer

d.

Defined amount of money provided by the insured

Answer: (b).Consideration paid by the insured Explanation:Premium is the consideration paid by the insured to the insurer in the context of insurance.

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Q. What is premium in the context of insurance?

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