An act of God. Any occurrence completely beyond human control and which could not have been avoided by foresight; a superior power; circumstances beyond one’s control. Example: an earthquake.
This entry was posted in . Bookmark the permalink.
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.