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What are the elements of a life insurance premium?

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What are the elements of a life insurance premium?

My doubt is from Insurance subject matter

I had been asked this question in an interview for internship.

Other related questions to my question are:-

What are the elements of life insurance premium?

What are the elements of contract of insurance?

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The correct answer by me is: Premiums are set by your insurance company and are based on a number of factors, including your age and health, the type of policy, the coverage amount, and whether you add on any riders. Except in rare cases, your rates are set for the life of your policy.

The title of my answer is What Is a Life Insurance Premium? | Policygenius

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