level premium

A life insurance premium in the same amount from year to year, such amount being computed on the basis that mortality cost is less during the early years of the insurance and greater in later years. 29 Am J Rev ed Ins § 56. The level rate method is a recognized method of fixing rates of life insurance whereby the insured begins at once to pay an amount each year which will in the period of his expectancy be sufficient, with interest accretions to pay the face of his policy. Whether the step rate or level rate plan is used, the total amount paid is the same. Jenkins v Talbot, 338 111 441, 170 NE 735, 80 ALR 638.