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Sagot :
You pay insurance companies premiums in exchange for coverage. As a result, consider "insurance price" instead of "insurance premium." Depending on the coverage, you normally pay premiums monthly, semiannually, or annually.
Define coverage limit and premium.
The largest amount your insurer will settle a claim for in accordance with the conditions of your policy is referred to as your insurance cap or limit, also known as your coverage amount. Most insurance agreements, including those for auto and house, provide a variety of coverage categories with specific coverage limits.
The insurance premium is the sum of money an individual or business pays to purchase an insurance policy. For the coverage of life, auto, house, and health insurance, premiums are paid.
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