Which of the following elements is not considered when calculating premiums for life insurance?

When calculating premiums for life insurance, insurers take various factors into account to assess risk and determine pricing. The correct choice, which refers to the number of beneficiaries, is not a direct factor influencing the premium amount.

The age of the insured is a crucial element because it significantly affects life expectancy; younger individuals generally face lower risks and, consequently, lower premiums. The health of the insured is equally important; individuals with pre-existing conditions or poor health may have higher premiums due to increased risk of claims. Smoker status is another consideration, as smokers generally have shorter life expectancies and a higher likelihood of health issues, thus resulting in higher premiums.

In contrast, while the number of beneficiaries is relevant to the policy’s overall structure and payout amount upon the insured's passing, it does not impact the calculation of the premium itself. Insurers primarily focus on the risk presented by the insured’s individual characteristics rather than how many beneficiaries are designated. This makes "the number of beneficiaries" the element that is not considered in the calculation of life insurance premiums.