I can provide you with a clear and concise explanation:
1. The correct answer is: A) Premium
2. A fee that is charged for insurance coverage is called a "premium."
3. The premium is the amount of money an individual or business pays to an insurance company in exchange for insurance coverage.
4. This payment is typically made on a regular basis, such as monthly or annually, to keep the insurance policy active.
5. Premiums can vary based on factors such as the type of insurance, coverage amount, the insured individual's risk profile, and the insurance company's pricing structure.
6. It's essential to pay the premium on time to ensure continuous coverage and protection against potential risks or losses.
