amount paid as insurance is called as
Answer (1)
Student Expert
5th Jul, 2021
Hi Suyash!
The amount paid by insurer for covering his his/her riskes periodically is called premium. And the total number of years for the policy holder to pay the premium amount is called premium paying term. There is one more term: Deductible, a set amount paid by the customer every year towards medical bills before the insurance company starts paying.
Thankyou!
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