Jan pays $70 each month for her auto insurance policy. This regular payment is called a:
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this regular payment is coupon
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Definition of terms used in insurance:
Sum assured — money received when a policy matures.
Premiums — regular payments made either monthly or annually until the maturity of the policy.
Premiums depend on several factors including the type of policy.
Premiums can be paid in advance or in arrears.
Therefore premiums are a form of annuity.
The correct answer for the question above is : Premium.
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