Concept:The periodic payment made by an insured person to an insurance company is known as a premium.
Explanation:Insurance works as a contract of protection.
The insured pays a fixed sum regularly to the insurer.
This payment is made monthly, quarterly, or annually.
It is the price paid for the insurance coverage provided.
The amount depends on factors like the type of policy, risk level, and coverage amount.
A commission is what an agent or broker earns for selling the policy.
An indemnity is the compensation paid after a loss occurs.
A policy is the written contract document itself.
Neither a commission, indemnity, nor policy is the periodic payment made by the insured.
Therefore, the correct term for the periodic sum paid by the insured is the premium.
Answer:D. a premium