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A deductible is the amount you pay for health care services each year before your health insurance begins to pay. In most cases, the higher a plan's deductible, the lower the premium.
The premium is the sum that the insured pays on a regular basis to the insurer to cover his risk. The risk is transferred from the insured to the insurer under an insurance arrangement. The insurer levies a fee known as the premium in exchange for taking on this risk.
Numerous insurance policies need payment of premiums, including health, homeowner's, and rental insurance. Auto insurance premiums are a typical illustration of an insurance premium.
The term "premium benefit" refers to an employment benefit that is greater than the benefit due to the employee for an equivalent period of work performed during the regular work, such as seniority, group life insurance, health insurance, disability insurance, sick leave, annual leave, or an educational or pension benefit.
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