How would you price/value a life annuity in which your beneficiary gets a refund of the unpaid premium if you die before you get your money back? In otherwords, assume an annuity that pays you income of C dollars per year, for which you must pay a premium of M up front. Assume this annuity will pay a death benefit of max[0, M −

TC], where T is the number of years you live (and get payments)

after the purchase. Compute a fair premium for M.