In Insurance Law, The_____ Is the Price Paid by the Insured

question 64

Multiple Choice

In insurance law, the_____ is the price paid by the insured for insurance protection for a specified period of time.

• A) policy
• B) risk
• C) insurable interest
• D) premium

---

Definitions:

Long-Term Debt

Financial obligations of a company that are due more than one year in the future, often including bonds, mortgages, and leases.

Permanent Fund

A fund established by a government or organization meant to provide a permanent source of income.

Endowed Gift

A donation made to an institution with the stipulation that the principal is kept intact and only the investment income is used.

Current Financial Resources

Assets that are expected to be used or turned into cash within one year, providing insight into a company's short-term financial health.