An insurance premium is a fixed monthly payment; whereas, co-pays of an insurance policy is paid to the doctors for treatment.
What is an insurance premium?
A fixed amount of periodical payments to be made for the purpose of gaining the benefits of happening against the event insured is known as an insurance premium.
Co-payment, on the other hand, is the condition wherein the insurer and the insured make the payment in a predetermined proportion.
Hence, the significance of insurance premium is aforementioned.
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