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GCE Commerce 1990 Question 48

Question 48

Insurance

The amount paid by the assured to the insurer is called

  1. A.interest
  2. B.premium
  3. C.dividend
  4. D.indemnity
  5. E.surrender value
Show the answer and explanation

Answer: B (premium)

Explanation

The premium is the regular payment made by the insured for cover.