Net premium

In the business of life insurance, this term is used to designate that portion of the premium which is intended to meet the cost of the insurance, bath current and future; its amount is calculated upon the basis of the mortality tables and upon the assumption that the company will receive a certain rate of interest upon all its assets; it does not include the entire premium paid by the assured, but does include a certain sum for expenses.

Fuller v. Metropolitan It. Ins. Co., 70 Co.nn. 647, 41 Atl. 4.