Practice of Life Insurance Exam

Actuaries are professionals who also deal with the financial aspects of risk to life. They analyse the occurrence of risk and their impact by using various mathematical, statistical and financial models along with many other functions.
Premiums and income earned from investments by insurance companies are maintained in a fund known as life fund. The excess in the life fund is called 'surplus'. This is also called 'valuation surplus' or 'actuarial surplus'.
Loading is a part of the premium that includes various expenses incurred by the insurance company to manage operations of the business.
In level premium, the premium remains fixed for the entire term of the policy.
The rates that are printed in premium tables are known as 'Office Premiums'

Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points