Premium Pattern

  • The agent and prospect have the ability to choose almost any pattern of benefits and premiums.
  • No longer is the sale limited to one of several fixed plans of insurance from a ratebook.

1991-1992 - FINAL REPORT* OF THE TASK FORCE FOR RESEARCH ON LIFE INSURANCE SALES ILLUSTRATIONS  - 142p, Society of Actuaries

For another problem, consider the following plan of insurance which has been proposed.

  • The coverage is to be level for fifteen years, but the premium at the end of five years is to rise by 50 per cent, remain level to the tenth premium, then go to a multiple of three of the initial premium for the remaining five years.

1970 - GROSS PREMIUMS FOR TERM INSURANCE WITH VARYING BENEFITS AND PREMIUMS, Society of Actuaries