Important Points for IC 26 - Life Insurance Finance Exam
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Net premium is also known as pure premium.
First premium represents the first installment premium whether monthly, quarterly, half-yearly or yearly.
First years premium is the premium relating to the first year of the policy, including the first installment.
Premiums paid in subsequent years during the policy term are known as renewal premiums.
Advance deposit is a minimum amount that needs to be paid by the proposer along with the proposal form.
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