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Premium: The premium is the amount paid by the policyholder to the insurance company in exchange for the coverage provided by the insurance policy. Premiums are often paid on a regular basis, such as monthly, quarterly, or annually, depending on the terms of the policy. Coverage and benefits: Insurance coverage outlines the specific risks or events that are covered under the policy. The benefits provided by the insurance company may include financial compensation, reimbursements, or other forms of assistance to mitigate the impact of the covered loss or event. Underwriting: Underwriting is the process through which an insurance company assesses the risks associated with insuring a particular individual, property, or entity. It involves evaluating various factors such as risk exposure, health status, and claims history to determine the insurability and premium rates for the policy.

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