POLICY PREMIUM LAWS IN AMERICA
CAL-STATE EXAMS
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TABLE OF CONTENTS
POLICY PREMIUM LAWS IN AMERICA
Background - Basic Considerations and Requirements - Factors and Assumptions for Life Insurance Premiums - Gross Premiums for Participating Policies - Assumptions.
LESSON TWO — PREMIUMS AND RESERVES
Life Insurance - Level Premium Reserves - Reserves Based on Non-level Valuation Premiums - Effect on Reserves of Changes in Assumptions - Other Reserves and Related Considerations - Individual Health Insurance - Net Premiums - Reserves - Other Claims Reserves - Verification of Claims Assumptions - Gross Premiums for Noncancelable Policies - Basic Elements Affecting Premiums - Substandard Premiums - Practical Problems in Rate Making.
LESSON THREE — GROUP PREMIUMS, EXPERIENCE RATING AND RESERVES
Initial Group Premium Rates - Renewal Rating of Group Insurance - Rating of Transfer Cases - Dividends and Retrospective Rate Credits - Group Reserves.
LESSON FOUR — NECESSITY AND AMOUNT OF PREMIUM PAYMENTS
Definition and Nature of Premium Obligations - Liability for Premiums — Right of Insurer to Premiums - Necessity of the First Premium Payment - Validity of the Contract in the Absence of Premium Payment - Delivery or Nondelivery - Sufficiency of Acts to Constitute a Contract - Loss Prior to Premium Payment - Payment During the Lifetime or Good Health of the Insured - Amount of the Premium — As a Matter of Contract. Amount of the Premium — In the Event of Cancellation - Amount of the Premium — Interest on Premiums - Rebates from Premiums - Timeliness of premium Payments - Construction and Enforcement of Policy Provisions - Prepayments — Other Than Annual Payments - Necessity of Premium Payments Before a Loss Occurs - Grace Periods - Computation of the Grace Period - Effect of Death or Loss Within the Grace Period - Extension of Time for Payment.
LESSON FIVE — FORFEITURE FOR NON-PAYMENT PREMIUM PAYMENTS
Construction of Forfeiture Provisions - Default As Condition of Forfeiture - Parties Affected by Forfeiture - Payment or Nonpayment of Interest - Statutory Provisions Against Forfeiture - Necessity of Notice to Effect a Forfeiture - Necessity of Notice in the Manner Specified - Circumstances Under Which Notice is Not Necessary - Notice of Resulting Forfeiture - Failure to Pay Premium Finance Companies - Notice of Interest or Installment Payments — Place of Payment - Necessity of Demand - Application of Credits to Prevent Forfeiture - Duty of Insurer to Apply Credits to Prevent a Forfeiture - Advance Interest — Bonuses or Rebates - Losses or Offsets — Previous Overpayments of Assessments - Credits from Other Policies - Cash Surrender or Loan Values - Dividends or Profits. Payment and Liability Upon Notes and Checks - Notes or Checks As Constituting Payment of Premium - Act of Agent As Binding on the Insurer - Liability on Notes Given in Payment.