Answer :
The cost of buying insurance is premium.
What is insurance?
Insurance is an arrangement between a company and a person or group of people where the company agrees to pay the person a certain amount of money if an event occurs and certain conditions are met.
Types of insurance include:
- Life insurance
- Health insurance
- Property insurance.
The individual(s) that is being insured must pay a certain amount of money at certain times to the insuring company. This is known as the premium.
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