Important Points for IC 26 - Life Insurance Finance Exam
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Premiums which have fallen due on policies but have not been paid, the days of grace for payment which have not expired and the earlier premiums not in arrears are treated as outstanding premiums.
ULIPs are market linked insurance plans, in which policyholders are alloted units on the basis of their premium, and NAV is declared on a daily basis.
First premium represents the first instalment premium whether monthly, quarterly, half-yearly or yearly.
First year's premium are premiums relating to first year of the policy, including the first instalment.
Premiums paid in subsequent years during the policy term are known as renewal premiums.
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