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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REMOVAL OF WRECK
A vessel sunk in a harbour or some other place where it is a danger to shipping, may be marked, lighted or destroyed by the Authorities, and the cost of so doing charged to the owner of the vessel. Where a marine hull policy covers P&I risks, the Insurer will reimburse expenses for removal of wreck.