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Insurance
What is insurance premium?
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[QUOTE="Benet, post: 11309, member: 142"] Here are a few more details about insurance premiums you should know: [LIST] [*]The premium is the price of insurance coverage that an individual or business pays to an insurance company. [*]The amount of the premium is based on the level of risk associated with insuring a particular individual or business. For example, insuring a young, healthy individual may be less risky and therefore less expensive than insuring an older individual with pre-existing health conditions. [*]Premiums are typically paid on a regular basis, such as monthly or annually. [*]In addition to the level of risk, other factors that can affect the amount of the premium include the type of insurance, the amount of coverage, and the length of the policy term. [*]Some insurance policies allow the premium to be adjusted based on changes in the risk profile of the insured individual or business. For example, if an individual starts a new job that is more risky, their life insurance premium may increase. [*]Insurance premiums are an important source of revenue for insurance companies, as they use the premiums collected to pay for claims made by policyholders. [/LIST] [/QUOTE]
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What is insurance premium?
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