IC38 LIFE INSURANCE AGENT EXAM - Study Notes
Page 32 Of 62
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Components of Premium - Mortality, Interest, Expenses of management, Reserves, Bonus loading
The estimates of mortality and interest give the 'Net Premium' which is the estimate of present value of future claim costs.
Gross premium = Net premium + Loading for expenses + Loading for contingencies + Bonus loading
Higher the mortality rate in the mortality table, higher the premiums would be
A lapse means that the policyholder discontinues payment of premiums
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