Which term refers to the amount you or your employer pays in exchange for insurance coverage?

The term "premium" refers to the amount of money that you or your employer pays in exchange for insurance coverage. Premiums are typically paid monthly or annually, and the amount you pay will depend on several factors, including the type of insurance, the level of coverage, and the insurance company you choose. Premiums can vary significantly depending on these factors, so it's important to compare quotes from multiple providers to find the best deal.