Question on: JAMB Commerce - 2024
The sum which the insured pays periodically to his insurance company is called
A
a commission
B
an indemnity
C
a policy
D
a premium
Ask EduPadi AI for a detailed answer
Correct Option: D
The correct answer is D. a premium.* Premium: This is the payment made by the insured to the insurance company for coverage.* Commission: This is a fee paid to an agent for selling the insurance policy.* Indemnity: This is the compensation the insurance company provides to the insured in case of a loss.* Policy: This is the document that outlines the terms of the insurance contract.
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