premium insurance policy quizlet

What is the premium of an insurance policy quizlet?

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What is the premium on an insurance policy?

The amount you pay for your health insurance every month. In addition to your premium, you usually have to pay other costs for your health care, including a deductible, copayments, and coinsurance. If you have a Marketplace health plan, you may be able to lower your costs with a premium tax credit.

What is a premium in insurance simple words?

An insurance premium is the amount of money an individual or business pays for an insurance policy. Insurance premiums are paid for policies that cover healthcare, auto, home, and life insurance.

What is the definition of premium quizlet?

premium. the rate that an insured is charged; fee paid for insurance/rate charged. coverage. protection provided by the terms of insurance policy.

How is the premium in an insurance policy determined?

You pay insurance premiums for policies that cover your health—and your car, home, life, and other valuables. The amount that you pay is based on your age, the type of coverage that you want, the amount of coverage that you need, your personal information, your ZIP code, and other factors.

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