Q. What is the primary role of an actuary in the process of setting premiums for traditional life insurance policies?

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Q. What is "mortality" in the context of life insurance premiums?

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Q. How is the expected mortality of a person calculated in the context of life insurance premiums?

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Q. What does the term "Risk Premium" refer to in life insurance?

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Q. How does the present value of a future premium payment change with different assumed interest rates?

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Q. What is the "Net Premium" in the context of life insurance?

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Q. What does the term "loading" refer to in the calculation of gross premium in life insurance?

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Q. What are some examples of operating expenses incurred by life insurance companies that are considered when determining the amount of loading?

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Q. What are the two major conclusions that can be derived from the study of mortality and interest rates in life insurance?

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Q. What is a "lapse" in the context of life insurance?

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Q. When do lapses typically occur in life insurance policies?

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Q. What happens in the event of a policy "withdrawal" in life insurance?

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Q. What is the concept of "With Profit" policies in life insurance?

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Q. Why did life insurers start the practice of offering "With Profit" policies?

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Q. What does a policy lapse mean?

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Q. What is the key difference between "surplus" in life insurance and "profit" in a firm?

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Q. What is the primary purpose of periodic valuation of assets and liabilities in a life insurance company?

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Q. What is the key difference between "surplus" and "strain" in life insurance?

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Q. In the context of life insurance, how is "profit" generally defined for a firm?

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Q. What is the formula to calculate surplus in life insurance?

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