Question on: JAMB Commerce - 2024
The sum which the insured pays periodically to his insurance company is called
A
A commission
B
An indemnity
C
A policy
D
A premium
Ask EduPadi AI for a detailed answer
Correct Option: D
The correct answer is D. a premium.
- Premium: This is the payment made by the insured to the insurance company for coverage.
- Commission: Fee paid to an agent for selling the insurance policy.
- Indemnity: Compensation the insurance company provides to the insured in case of a loss.
- Policy: Document outlining the terms of the insurance contract.
Add your answer
Please share this, thanks!
No responses