1 Question A special 10-year deferred, fully discrete 20-year insurance is issued to (50). A benefit of 2 000 000 is paid on death between ages 60 and 80, and a benefit of 500 000 is paid on survival to age 80. There is no benefit on death before age 60. You are given: o premiums are paid annually during the 10-year deferral period o commission expenses are 5% of each premium, payable during the 10-year deferral period, at the beginning of the year expenses of 260 per year are incurred at the start of each year following the deferral period o mortality follows the Illustrative Life Table o i = 0.06. Calculate the annual gross premium using the equivalence principle. 1 Question A special 10-year deferred, fully discrete 20-year insurance is issued to (50). A benefit of 2 000 000 is paid on death between ages 60 and 80, and a benefit of 500 000 is paid on survival to age 80. There is no benefit on death before age 60. You are given: o premiums are paid annually during the 10-year deferral period o commission expenses are 5% of each premium, payable during the 10-year deferral period, at the beginning of the year expenses of 260 per year are incurred at the start of each year following the deferral period o mortality follows the Illustrative Life Table o i = 0.06. Calculate the annual gross premium using the equivalence principle