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.
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Group Life Insurance
Life Insurance provided for members of a group. It is most often issued to a group of employees, but may be issued to any group provided it is not formed for the purpose of buying insurance. The cost is lower than for individual policies because administrative expenses per life are decreased and measures taken against adverse selection are effective. See also Franchise Insurance and True Group.