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      Question

      The portion of an insurance premium that reflects the

      basic costs of loss, not including overhead or profit is called?
      A Mixed Premium Correct Answer Incorrect Answer
      B Pure Premium Correct Answer Incorrect Answer
      C Impure Premium Correct Answer Incorrect Answer
      D None of the Above Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      Loss cost, also known as pure premium or pure cost, is the amount of money an insurer must pay to cover claims, including the costs to administer and investigate such claims. Loss cost, along with other factors, is used to calculate premiums.

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