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Advanced Placement (AP)Advanced Placement (AP)
7 May, 21:04

Jan pays $70 each month for her auto insurance policy. This regular payment is called a:

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  1. 7 May, 21:16
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    The payment is called premium.

    Premium payment refers to the specific amount of payment required periodically (monthly or yearly) by the insurer to provide coverage under a given insurance plans such as life insurance, auto insurance, and house insurance for a defined period of time. In Jan's case, he is required to pay monthly to cover the insurance for his car.
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