Question
What is an ongoing amount paid by an individual to maintain insurance coverage? Select one: Co-insurance Deductible Formulary Premium
Ask by Davey Dawson.
Mar 22,2025 18:40
Upstudy AI Solution
Tutor-Verified Answer
Answer
The ongoing amount paid by an individual to maintain insurance coverage is called a **Premium**.
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The Deep Dive
The answer you're looking for is "premium." It's the amount you pay, usually monthly or annually, to keep your insurance active—think of it as the ticket price to the insurance ride, keeping you covered for unexpected bumps along the way!
Want a fun fact? The concept of insurance dates back to ancient civilizations! As early as 3000 BC, Babylonians were known to use a form of insurance for merchants, where traders could pool resources to protect against losses incurred from theft or shipwrecks—talk about being proactive about risks!
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