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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Q. What is the primary purpose of distributing surplus in the context of life insurance?

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Q. What is the most common type of bonus in life insurance that is received only at the time of a claim by death or maturity?

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

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Q. How is the Compound Bonus expressed in life insurance?

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Q. Which method of surplus distribution is adopted in North America, where surplus is declared and distributed as dividends?

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Q. How are dividends typically distributed in the Contribution Method?

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Q. What is the primary focus of Unit Linked Policies in life insurance?

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Q. Which method of surplus distribution is more commonly used in North America?

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Q. In the context of insurance, what does the term "premium" refer to?

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Q. Which of the following factors is not considered in the process of setting the premium for life insurance policies?

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Q. What is the Gross premium in the context of life insurance?

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Q. What does a "lapse" mean in the context of insurance?

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Q. What is the primary reason for the emergence of surplus in the context of life insurance?

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Q. How can surplus be allocated in the life insurance industry?

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