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1. A 20-year semicontinuous endowment insurance with face amount 100,000 is sold to an individual age 50. You are given: i) Annual expenses are First
1. A 20-year semicontinuous endowment insurance with face amount 100,000 is sold to an individual age 50. You are given: i) Annual expenses are First year Renewal Percent of Premium 40% 4% Per Policy 250 50 Per 1000 12 (i) Settlement expenses for death are 80. Settlement expenses upon maturity are 40. (iii) Annual premiums are 4000. (iv) Mortality follows the Standard Ultimate Life Table, with uniform distribution of deaths between in tegral ages i-0.05. (v) Calculate the gross premium reserve at the end of 5 years
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