[Solved] What Does the Term: “Premium”, Denote, in Relation to an Insurance Policy?

Q.	What Does the Term: “Premium”, Denote, in Relation to an Insurance Policy?
A.	Profit, Earned by the Insurer.
B.	Price, Paid by an Insured, for Purchasing the Policy.
C.	Margins of an Insurer, on a Policy.
D.	Expenses, incurred by an Insurer, on a Policy.
Answer» B. Price, Paid by an Insured, for Purchasing the Policy.

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Insurance Exam (LIFE)

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