The payment made periodically in respect of an insurance policy entered into is known as?

Assessment: JAMB UTME - Commerce - 2003 Subject: Commerce

Question 1 Report

The payment made periodically in respect of an insurance policy entered into is known as?
Answer Details
The payment made periodically in respect of an insurance policy entered into is known as "premium". It is an amount paid by the policyholder to the insurance company in exchange for the coverage provided by the policy. The premium can be paid monthly, quarterly, or annually, depending on the terms of the policy. It is usually calculated based on the level of risk associated with the policyholder and the amount of coverage provided by the policy. The payment of the premium is essential to keep the policy in force and to ensure that the policyholder is covered against the risks specified in the policy.
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