Multiple choice

Which of the following is the fixed amount collected by insurance companies from their customers at a fixed interval of time?

  1. Installment

  2. Premium

  3. EMI

  4. Service charge

  5. Overdraft

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The specified amount of payment required periodically by an insurer to provide coverage under a given insurance plan for a defined period of time.