Premium

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The money you pay to an insurance company for insurance is called the premium. It can be paid every year or every six months or sometimes even monthly. If you can't afford to pay the entire premium you owe at once, you can sometimes get premium financing. This means the total amount you pay is higher, but the premium payments are spread out over the period of the insurance. If you cancel an insurance policy before it expires, you will get some money back, known as a returned premium.