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Under the net level premium method, which is required for GAAP, the "net benefit premium" used in the reserve calculation is a level percentage of the "gross premium." The "gross premium" is the amount of premium charged to a policyholder. The "net benefit premium" is the amount calculated for reserve valuation purposes. The "net benefit premium" represents the portion of the gross premium designed to cover benefit payments to, or on behalf of, policyholders (i.e., payments made on termination of the policy due to death or surrender).

PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

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