What is a premium?

Social Studies

1 answer:

ser-zykov [4K]4 years ago

4 0

Answer: A The amount you pay the health insurance company month for coverage.

Explanation:

The premium charged from individuals is an income for insurance company.

Premium for insurance can be paid on monthly, quarterly or annual basis.

Service fees can be implied on premium sometimes, depending on local insurance laws and insurance providers. Premium can also be taxed. But, all these extra amount does not come under premium category, they are paid above premium.

Some insurance providers asks to pay all amount before insurance coverage starts.

Others may ask to pay in installments.

There are few factors which decide the amount of premium to be paid:

Age
Location
Previous claims (if any)
Type of coverage being taken
Moral hazard and adverse selection

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