A market economy is one where all goods and services are exchanged freely

The gross premium for life insurance is equal to

A) the present value of the future death claim plus an expense loading. B) the present value of the future death claim less the sum of the premiums paid when death occurs. C) the present value of the future death claim less the present value of the expected dividends. D) the net premium less the expense loading.

All of the following may be a feature of a bond, except

A) convertible. B) dividends. C) tax-free. D) callable.