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- In insurance law, a premium refers to1234:
- The amount of money an individual or business pays for an insurance policy.
- Compensation to the insurer for bearing the risk of a payout.
- The consideration for the insurance agreement.
- The amount charged by the insurer to the insured for coverage.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.An insurance premium is the amount of money an individual or business pays for an insurance policy. Insurance premiums are paid on policies that cover a variety of personal and commercial risks. If the policyowner fails to pay the premium, the insurance company may cancel the policy.www.investopedia.com/terms/i/insurance-premium.…The premium, sometimes called the rate, compensates the insurer for bearing the risk of a payout in the event insurance coverage is required.www.justia.com/insurance/premiums/Premium is the amount of money paid by the policy-holder to the insurance company which is the consideration of the agreement in return for which the insurance company will do a certain kind of loss on the occurrence of a certain event.www.lexisnexis.in/blogs/insurance-law-in-india/The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium.www.taxmann.com/post/blog/guide-to-understandi… - People also ask
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