Question
a.
Price is exchanged for future benefits, while premium is the cost of goods or services.
b.
Price is stipulated in the contract, while premium is the amount paid for insurance coverage.
c.
Price is linked to revenue levels, while premium is the amount exchanged for insurance benefits.
d.
Price is determined by financial and marketing aspirations, while premium is expressed in terms of money.
Posted under IC 92 Actuarial Aspects of Product Development
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Q. What is the primary difference between price and premium?
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