The pure mortality cost of Life Insurance for one year at any given age.
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Cost of Insurance
The amount a policy owner pays to an insurer, minus what he or she gets back from the insurer. This expression is used when determining the true cost of permanent forms of Life Insurance to a policy owner. It considers the fact that premiums are paid in, but also that an actual cash value is being built up, which is the portion that the insured will get back from the insurance.