👉 The term you're referring to is "premium." Now, let's explore what this term really means.
Imagine you've got a job as a salesperson at your company. At the end of every month, you receive a monthly salary from your employer. However, that isn't all because there are other expenses such as rent and utilities. In insurance, it's common to have these kinds of expenses for various reasons. For instance, if you're a lawyer in a big city, you might not only need to pay rent but also property damages claims from clients who sue you. If something goes wrong with your car or you lose work over the weekend due to an accident, insurance would cover all those costs. In summary, "premium" is like insurance – it's what covers everything that comes up in life and makes sure you're protected against various types of risks. So next time you say something funny about the term, try to keep it a bit edgy and unsettling!
