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Question
Insurance companies collect a fixed amount from their customers at a fixed interval of time. This amount is called ______.
Options
EMI
Installment
Contribution
Premium
MCQ
Fill in the Blanks
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Solution
Insurance companies collect a fixed amount from their customers at a fixed interval of time. This amount is called premium.
Explanation:
The fixed amount paid by customers to an insurance company at regular intervals is called a Premium. It is the payment made to keep the insurance policy active.
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