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प्रश्न
What is insurance premium?
दीर्घउत्तर
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उत्तर
An insurance premium is the amount of money that an individual or entity pays periodically to an insurance company in exchange for coverage against potential financial loss. When a person purchases insurance, they receive a legal contract called an insurance policy, which transfers the risk of potential financial loss from the insured to the insurer. The premium is the monetary compensation paid by the insured to the insurer to secure this financial protection or reimbursement against losses as specified in the insurance policy.
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