net premium
The amount of money
needed to provide life insurance benefits for a policy. The net
premium is calculated by using only an assumed interest rate and a
tabular mortality rate. No loading for expenses is added. The net
premium equals a policy's gross premium minus the policy's loading.
Under statutory
accounting, the net premium funds
the benefit reserve. See
also gross premium, loading, net benefit premium, tabular interest rate, and tabular
mortality rate.
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