JAMB Commerce 2008 Objective — Question 39

Question 39 of 50 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2008 Objective paper, with the correct answer and a full explanation.

39. The sum of money paid by a policyholder to an insurer is referred to as

A. interest
B. premiumCorrect
C. gross profit
D. sales revenue

Explanation

Premium is the periodic amount paid by a policyholder to an insurance company to be entitled to indemnity in case of loss.

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