In life insurance, which term refers to the financial gains from the investment of premiums?

The term that refers to the financial gains from the investment of premiums in life insurance is "Investment earnings."

In the life insurance context, premiums collected from policyholders are not just held as cash; they are typically invested in a variety of financial instruments, such as stocks, bonds, and other assets. The returns generated from these investments represent the earnings that the insurance company realizes, contributing to its overall profitability and financial stability. These investment earnings play a crucial role in the company's ability to meet its future policyholder obligations.

Other options like mortality experience involve understanding the statistical probabilities of policyholders passing away, which is not directly about the gains from investments. Operating expenses pertain to the costs incurred in running the insurance company, and cash values refer to the accumulation of savings in certain life insurance policies that policyholders can access or borrow from. Each of these terms pertains to different aspects of life insurance but does not directly address the profits made from the investment of premiums like investment earnings does.