JAMB Commerce 2020 Objective — Question 11

Question 11 of 40 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2020 Objective paper, with the correct answer and a full explanation.

11. The periodic payment by an insured to the insurance company is referred to as

A. A. Indemnity
B. B. Charge
C. C. PremiumCorrect
D. D. fee

Explanation

Premium is the periodic amount paid by an insured to an insurance company for undertaking a policy with the company.

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