The three elements of a life premium typically do NOT include which of the following?

The three elements of a life premium are primarily designed to cover the cost of insurance protection, administrative costs, and the expected return on the policyholder's investment. One of these elements is mortality experience, which evaluates the expected death rate among policyholders to ensure that sufficient premiums are collected to cover claims.

Operating expenses are also a crucial element, as they encompass the costs incurred by the insurance company in managing the policy, such as administrative, marketing, and other operational costs.

Cash values typically pertain to whole life policies that accumulate savings over time, and while this is relevant to certain types of policies, it is more about the structure of the policy rather than a basic element of premium calculation.

In contrast, policyholder's investments do not typically constitute an element of the life premium. Instead, they reflect the policyholder's choice to allocate funds in various investment options, which is separate from the premium calculation that funds the insurance coverage itself. This distinction is what makes this option not part of the three traditional elements used in determining life premiums.