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The sum of money paid by a policy-holder to an insurer is referred to as?

Commerce
JAMB 2008

The sum of money paid by a policy-holder to an insurer is referred to as?

  • A. interest
  • B. premium
  • C. gross profit
  • D. sales revenue
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Correct Answer: Option B
Explanation

In insurance, a premium is the amount of money an individual or business must pay for an insurance policy.

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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Your School's Whatsapp Group - Join Us now
Post UTME Past Questions Agent
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now