6. (15 pts) A special fully discrete 20-year term life insurance is issued on (x). The death benefit is 5,000 plus a complete refund of all premiums accumulated till the payment of death benefit. You are given: (i) i = 0.05 (ii) A2:20= 0.3 (iii) 20E, = 0.2 RM 411 - Spring 2021 Homework 8 2 Calculate the net level annual premium for this special insurance under the equivalence principle. (Note: This question might appear difficult at first glance, and is best solved if you distinguish the cases when the insured dies within the term or survives beyond the term. In particular, under which case will the insurance company actually collect premiums from the insured? Build the expected present value equation based on it.) 6. (15 pts) A special fully discrete 20-year term life insurance is issued on (x). The death benefit is 5,000 plus a complete refund of all premiums accumulated till the payment of death benefit. You are given: (i) i = 0.05 (ii) A2:20= 0.3 (iii) 20E, = 0.2 RM 411 - Spring 2021 Homework 8 2 Calculate the net level annual premium for this special insurance under the equivalence principle. (Note: This question might appear difficult at first glance, and is best solved if you distinguish the cases when the insured dies within the term or survives beyond the term. In particular, under which case will the insurance company actually collect premiums from the insured? Build the expected present value equation based on it.)