Life Insurance Exam [National] 26 – Premium Factors and Determination Explained

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam life insurance exam. In this episode you will learn: • Age is the primary factor in premium determination, with rates typically doubling every 12 to 15 years in middle age. • Mortality tables result in higher premiums for men compared to women of the same age due to lower life expectancy. • Net Premium is calculated by subtracting interest earnings from mortality costs. • Gross Premium is the final amount paid by the consumer, including the net premium plus expenses and loading. • Underwriters utilize actuarial science to classify risks into preferred, standard, or substandard categories based on health and lifestyle. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep