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The insurer agrees to compensate the insured in consideration of a sum of money is called

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Question: The insurer agrees to compensate the insured in consideration of a sum of money is called

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  1.  Premium
  2.  Policy
  3.  Subject matter
  4.  None

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1. Premium

The insurer agrees to compensate the insured in consideration of a sum of money is called premium.

More information:

An insurance premium is the cost that a person or entity pays to an insurer for coverage of risk.

The insurance premium is paid periodically. The premium amount differs from policy to policy, depending on various factors.

The factors includes types, age, nature of insurance policy. It also depends upon medical history while covering health insurance.

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