Examlex
Which of the following statements is TRUE regarding elements?
Premium Rate
The price of an insurance policy, typically quoted as a cost per hundred or thousand dollars of coverage.
Annual Premium
Annual Premium refers to the amount paid yearly for an insurance policy to keep it active and provide coverage.
Short-rate Refund
A refund of a portion of a premium on an insurance policy, calculated using a method that is less than pro-rata, often involving a penalty for early cancellation.
Annual Premium
The amount paid annually for an insurance policy, providing coverage over a specified period of time.
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