The underwriting and administrative expense component of premium; amounts required for adjusting of expected losses (see unallocated loss adjustment expenses (ULAE)). It is added to the pure p [..]

Definition A fraction of the standard premium. This portion is used for administrative costs and agent commissions.

The initial premium paid at the beginning of an adjustable insurance contract. Normally at the end of the policy period and/or agreed subsequent periods, the basic premium is adjusted retrospectively based on agreed factors such as claims experience, underwriting values etc.

A term used to designate a premium computed solely on the basis of mortality and interest. To this basic premium the element of expense called loading is added to arrive at the gross premium. Synonymo [..]