The components of determining policy premiums include all of the following EXCEPT

Insurer expenses are a crucial element in determining policy premiums. They include costs related to operations, claims processing, and administrative functions, which must be covered by the premiums charged to policyholders. Thus, these expenses directly influence the pricing structure of insurance products.

The investment return is another vital factor in premium determination. Insurers invest the premiums received to generate returns that help cover future claims and operational costs. A higher investment return can reduce the necessary premiums needed to maintain profitability, thus playing a significant role in premium calculations.

Mortality cost refers to the expected cost of claims due to policyholders' deaths in life insurance. This cost is a fundamental component of premium calculations, as it directly represents the risk that the insurer assumes. Accurate estimation of mortality costs is essential for setting appropriate premiums.