A term meaning the “right of option” of an underwriter to decide (in insurance or reinsurance) whether or not to accept a risk.
A term meaning the “right of option” of an underwriter to decide (in insurance or reinsurance) whether or not to accept a risk.
The pure mortality cost of a Life Insurance policy from its inception to its maturity date, divided by the number of years the policy is to be in force. See also Level Premium Insurance.