The price paid for the purchase of insurance policy is?

Assessment: WAEC SSCE - Insurance - 2017 (Objective) Subject: Insurance

Question 1 Report

The price paid for the purchase of insurance policy is?

Answer Details
The price paid for the purchase of an insurance policy is called a premium. A premium is a regular payment made by a policyholder to an insurance company to keep an insurance policy in force. The amount of the premium can vary depending on the type of insurance, the amount of coverage, and the individual's personal factors such as age, health, and lifestyle. The premium is not a guarantee of payment for a claim, but rather a way to pay for the cost of providing insurance coverage.
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