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16. You are given the following information about a one-year term insurance policy: Death benefit amount = $250,000 Insured is a male age 70 The

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16. You are given the following information about a one-year term insurance policy: Death benefit amount = $250,000 Insured is a male age 70 The annual effective interest rate = 5.5% The probability that a male age 70 will live for one year is .9703. If X the premium amount for this policy, which of the following is true? a. X$7,400

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