Auto Insurance Claims: insurance, insurance policy, good question

Question
Explain the meaning of the term premium in relation to insurance?

Answer
Hello,

Premium as it relates to insurance is the amount you pay for the insurance policy. Let's say your cost for your policy is $200
per month, your premium would be $200 pm or $2,400 per year.

That is a very good question. I have never been asked that and it will assist my new website explainig issues I sometimes take for granted.

Rob