1. You are a senior actuary working for Beta, a life insurance company writing a range of protection and savings policies. A student actuary working on your team has presented you with the following data relating to a cohort of 50 identical 25-year conventional without-profits Endowment Assurance policies, all maturing in exactly five years' time: Current age of policyholders: 55 exact Sum Assured: E100,000 per policy, payable at maturity, or at the end of the year of death, if earlier Mortality: 80% of AM92 Ultimate Premium: E1,200 per annum, received in advance at the beginning of each year, next premiums due in exactly one year's time a) i) Describe briefly the customer needs met by this contract; ii) State the key risks faced by customers for this contract. b) Calculate the cash-flows that you would expect to arise for Beta in respect of this cohort over the next five years. Note: you must show full workings for all your calculations