Interest only involves having the proceeds remain with the insurer and earnings paid.
A premium is the amount an individual or business pays for an insurance policy. Premiums are paid for policies that include health, auto, home, and life insurance. Once earned, the premium is revenue for the insurance company. It also represents a liability, as the insurance company must provide coverage for claims made against the insurance policy. Failure to pay premiums by an individual or company may result in cancellation of the policy.
Insurance premiums are paid for policies that cover healthcare, auto, home, and life insurance.
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