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A 10-year 1,000.000 fully discrete term insurance policy is issued to (70).

Mortality follows the Illustrative Table at 6% interest.

(a) Calculate the gross annual premium based on the equivalence principle

(b) Suppose that the policy is modified so that if the policyholder survives, the insurer refunds, at age 80, one-half of all premiums received, without interest.

Calculate the gross annual premium based on the equivalence principle.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92748908

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