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What is premium on life insurance policy?

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What is premium on life insurance policy?

Origin of the question is Insurance

The question was asked in semester exam.

Other related questions to my question are:-

What is premium on life insurance policy?

What does premium mean in insurance?

What premiums mean?

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Correct answer is: Simply put, “premium” means a payment. It's the amount of money you pay your life insurance company in exchange for your coverage. The payout itself (called a death benefit) is the amount of money the life insurance company would pay your beneficiaries if you, the policy owner, died unexpectedly.

The title of my answer can be What Is a Life Insurance Premium and How Does It Work?

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