State True or False: An installment of money paid for insurance is called Premium

Answer

**Step-by-Step Solution:**

1. **Understanding the Term "Premium":**
- In the context of insurance, a premium is defined as the amount of money that an individual or business must pay for an insurance policy. This payment can be made in installments, such as monthly, quarterly, or annually.

2. **Analyzing the Statement:**
- The statement claims that an installment of money paid for insurance is called a premium. We need to verify if this definition aligns with the standard understanding of insurance terminology.

3. **Confirming the Definition:**
- When a person takes out an insurance policy, they agree to pay a premium to the insurance company. This premium is indeed paid at specific intervals, which can be seen as installments.

4. **Conclusion:**
- Since the statement accurately describes the nature of premiums in insurance, we conclude that the statement is true.

**Final Answer:** True.

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