Important Points for IC 26 - Life Insurance Finance Exam
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Risk in life insurance refers to the unceratinity related to a certain event, which, if occurred, might result into occurrence of loss.
According to the law of large numbers, the larger the group for the past data, the more accurate will be the future estimate of losses.
Mortality tables are tables that consist of probability that a person would die before his next birthday.
In level premium, the amount of premium remains the same over the entire policy term.
Reserve is the amount the insurer must have in hand to meet the liability under the policy that future premiums will not cover.
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