# PREMIUM AND BONUS. MODULE - 3 Practice of Life Insurance. Notes

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1 4 PREMIUM AND BONUS 4.0 INTRODUCTION A insurance policy needs to be bought. This comes at a price which is known as premium. Premium is the consideration for covering of the risk of the insured. The insured agrees to pay premium for a particular period based on the sum insured chosen and in return the insurer agrees to pay the sum insured along with bonus accrued under the policy either on death of the policyholder or on maturity of the policy. Premium needs to be paid in advance and regularly to keep the policy in force. The Insurers share their profit with the insured by giving bonus under the policies. The amount of bonus is given along with the final maturity amount. 4.1 OBJECTIVE After going through this lesson you will be able to Learn the meaning of consideration Recall the methods of computation of premium Understand the meaning of bonus 4.2 INSURANCE PREMIUM Premium is the consideration money that a policyholder has to pay in lieu of the benefit that the insurer promises to confer on the happening of the scheduled eventuality. Insurance is a contract and the policyholder /insured and the insurer are the two parties to the contract. Both parties have rights and obligations. Premium forms the obligation on the part of the insured. 53

5 4.1.9 Calculation of Age The rate table as published by Insurers gives the rate of premium per thousand sum assured, for different ages nearer birthday. The tabular premium is also different for different premium payment terms. In case of whole life policies, as the premium has to be paid for the whole life, the premium is mentioned only for various ages nearer birthday. Age nearer birthday means that if the actual age is upto 21 years 5 months 29 days the age for the purpose of calculation of premium is to be treated as 21 years only. However if the age is 21 years 6 months or more it is to be taken as 22 years. In other words if the age is 21 years 11 months and 29 days the age is taken as 22 years. The method for calculation of age is explained by an example: Day Month Year Date of calculation Date of birth Age is 36 years 7 months and 19 days. Therefore the age last birthday is 36, the age nearer birthday is 37 and the age next birthday is also 37. Another example: Day Month Year Date of calculation Date of birth Age is 35 years 5 months and 13 days. Therefore the age last birthday is 35, the age nearer birthday is 35 and the age next birthday is Calculation of premium Calculation of premium is done after the underwriting decision has been taken. The underwriting decision is taken after an evaluation of the longevity taking into consideration all such factors which are supposed to influence the proposer s life span. It can be a decision where the risk is taken at ordinary 57

13 4.4 OBJECTIVE TYPE QUESTIONS 1. Which one of the following statement is correct? a. The premium under a life insurance policy may be paid monthly b. The premium under a life insurance policy may be paid annually c. Both (a) and (b) statements are correct. d. Both (a) and (b) statements are wrong 2. Which one of the following statement is correct? a. The sum of all the premium paid will be more than the Sum Assured. b. The sum of all the premium paid will be less than the Sum Assured. c. Both (a) and (b) statements are wrong. d. Both (a) and (b) statements are correct. 3. Which one of the following statement is correct? a. The annual premium is equal to the SA divided by the term of the policy b. The annual premium increases as the term of the policy increases c. Both (a) and (b) statements are correct. d. Both (a) and (b) statements are wrong. 4. Premium depends upon? a. Age of the person to be insured. b. Family history of the person to be insured. c. Medical history of the person to be insured. d. All of the above. 5. Which one of the following statement is correct? a. The premium collected in the early years is less than what is required. b. The premium collected in the early years is more than what is required. 65

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