(a) After the expiration of the first policy year and upon default in the payment of a premium within the grace period, if a permanent plan National Service Life Insurance policy other than the modified life plan has not been surrendered for cash or for paid-up insurance, the policy shall be extended automatically as term insurance.
Definition: The term bell curve is used to describe the mathematical concept called normal distribution, sometimes referred to as Gaussian distribution. âBell curveâ refers to the shape that is created when a line is plotted using the data points for an item that meets the criteria of ânormal distributionâ.
The normal distribution function can be written in terms of the mean and standard deviation as follows: p(x) = (1/ÏRoot(2Ï)) x exp (- (x-Î¼) 2 /2Ï 2).