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What is a premium in insurance?

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What is a premium in insurance?

The above asked question is from g l insurance

I have been asked this question during an internship interview.

Other related questions to my question are:

What is a premium in insurance?

What premiums mean?

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What is an insurance premium and how does it work?

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The correct answer by me is: In a nutshell, an insurance premium is the payment or installment you agree to pay a company in order to have insurance. You enter into a contract with an insurance company that guarantees payment in case of damage or loss and, for this, you agree to pay them a certain, smaller amount of money.Sep 27, 2021

The title of my answer is What Is an Insurance Premium? | RamseySolutions.com

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