What is the key difference between Gross Premium and Net Premium in insurance? Option: "Gross Premium" is the premium earned before deducting operating expenses, while "Net Premium" is the profit after deducting expenses., "Gross Premium" is the premium collected from high-risk customers, while "Net Premium" is collected from low-risk customers., "Gross Premium" represents the total premiums paid by policyholders, while "Net Premium" is the amount retained by the insurance company after reinsuring a portion of its policies., "Gross Premium" refers to premiums collected from new policies, while "Net Premium" represents premiums from renewed policies.

What is the key difference between Gross Premium and Net Premium in insurance?

What are the two primary sources of revenue for insurance companies?

How does a higher deductible impact insurance premiums?

What is an insurance premium?

How is the Incurred Claim Ratio (ICR) calculated?

Which reserve is typically influenced by the company's Profit After Tax (PAT)?