Meaning:An insurance premium is the amount you pay for an insurance policy. Simply put, premiums are what you pay insurance companies in exchange for coverage. Therefore, when you hear “insurance premium, " think “insurance price. ” You typically pay premiums monthly, semiannually or annually, depending on the policy
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Abbreviation:
premiums
e. g.
According to Oman News Agency, the total insurance premiums collected soared to 332. 9 million Omani rials ( $866 million ) , reflecting a robust financial landscape for insurance firms operating within the Sultanate
