Darnell pays $7,300 per year to an insurance company in return for its promise to pay part of his family's medical bills.The $7,300 represents Darnell's:

Name: Darnell pays $7,300 per year to an insurance company in return for its promise to pay part of his family's medical bills.The $7,300 represents Darnell's:
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Question

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The $7,300 that Darnell pays to the insurance company is his premium. This represents the cost of the insurance coverage he is purchasing.

Darnell Pays $7,300 Per Year to an Insurance Company in Return