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Investopedia describes insurance premiums as the specified amount of payment required periodically by an insurer to provide coverage under a given insurance plan for a defined period of time.

Simply, it is the amount of money that you pay in order for your insurance to remain active. This could be a monthly, quarterly, bi annual or annual payment.

For example, my car is insured for a period of one year and I have to pay my insurance company K260 every month in order for this insurance to remain active. Therefore, in this case, my insurance premium is K260.