Loma 280 Chapter 4 latest update graded A+

Loma 280 Chapter 4 latest update graded A+ actuarial assumption The assumed values used in the financial design of a product actuary An expert in financial risk management and the mathematics and model-ing of insurance, annuities, and financial instruments block of policies A group of policies issued to insureds who are all the same age, the same sex, and in the same risk classification compound interest Interest on both the principal and the accrued interest compounding Calculating an interest amount on both the principal and the accrued interest cost of benefits The value of all benefits under a product financial design A set of values for the numerous elements of a life insurance product financial model A computer-based mathematical model that approximates the operation of real-world financial processes interest A payment for the use of money investment earnings The money an insurer earns from investing the funds it receives from customers lapse rate The percentage of a specified group of policies in force at the begin-ning of a specified period, such as a year, that are terminated by the end of that period for reasons other than the death of the insured legal reserve system The system insurers use to set financial values for life insur-ance products level premium system A life insurance premium system that allows a policy-owner to pay the same premium amount each year a policy is in force mortality experience table A type of mortality table that is compiled from a company's own records, refiecting its insureds' actual mortality operating expenses The expenses that arise in the normal course of an insurer's operations policy reserves Liabilities that represent the amount an insurer estimates it needs to pay future benefits premium rate The amount an insurer charges per unit of insurance coverage principal The sum of money originally invested, loaned, or borrowed rate of return The investment earnings expressed as a percentage relative to the principal simple interest Interest on the original principal only tabular mortality rates The mortality rates shown in a mortality table