Glossary

Policy reserve

The policy reserve, or technical reserve, is the present value

of the benefit less the present value of outstanding (future)

premiums. Allowance is generally made for future expenses

also.

Term insurance

Term insurance is life insurance without a savings element.

It is also referred to as temporary insurance.

65

Percentage increase 1970 over 1969; no earlier figures available.

The increases are the percentage by which the average index figure for
each calendar year exceeds that for the previous year.

Source: OECD, "Main Economic Indicators," 1970 and December, 1975.