2.Regarding rate making in life insurance products, Assumptions: -Premiums are paid at the beginning of the year, and death benefits are paid at the end of the year. - The interest rate is 4% - death benefit is W10,000 -Use the mortality table in the textbook. 1) Calculate the premium for the yearly renewable term insurance policy issued toa male age 50. (2) 2) Calculate the net single premiumfor a five-year term insurance policyissued toa male age 45. (3) 3) Calculate the net level premiumfor a five-year term insurance policy issued to amale age 45. (4) 4) Why do legal reserveand cash valuedevelop under the level premium method for paying life insurance premiums? (2)