Question

what is insurance premium in business studies?​

Answer 1

Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk. ... For taking this risk, the insurer charges an amount called the premium. The premium is a function of a number of variables like age, type of employment, medical conditions, etc.

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Answer 2

Answer:

the amount of money an individual or business pays for an insurance policy

Explanation:

An insurance premium is the amount of money an individual or business pays for an insurance policy.  Once earned, the premium is income for the insurance company. It also represents a liability, as the insurer must provide coverage for claims being made against the policy.