Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points
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Mortality tables are used by insurance companies for calculating premiums for insurance products.
Premium refers to the specific amount that the insured has to pay to the insurance company periodically as per the policy terms.
A default in premium payment can result in the policy lapsing.
The mortality table contains mortality rate for each age and gender, which is used for calculating the premium.
A mortality rate is the probability that a person will die before his next birthday
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