The increase in the total amount of business an insurer has to force over a given period of time. It is figured as the total of new policies issued, plus those renewed, less policies lapsed and cancelled.
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The reserve needed by an insurer to cover net level policies which are in their later years. Loosely speaking, the level premium system of paying for a long-term Life or Health policy involves overpayment in the early years and underpayment in the later years.