An insurance policy specifies on the one hand the benefits payable by the insurer (benefits may consist of one payment or a series of payments, see Chapters 3 and 4), and on the other hand the premium(s) payable by the insured. Three forms of premium payment can be distinguished:
One single premium,
Periodic premiums of a constant amount (level premiums),
Periodic premiums of varying amounts.
KeywordsInterest Rate Life Insurance Insurance Policy Premium Payment Stochastic Interest Rate
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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