7. A life insurance company launched the income protection insurance contract ten years ago. After low sales in the early years, the volume of new business sold has risen significantly in the last three years. Under the contract the waiting period is 90 days and the benefit period can be 2 years or to age 65. The company is about to review the profitability of the contract. (i) Explain how the company would analyse the income protection claims experience since the product was launched. [9] (ii) Describe how the company would use the results of this analysis to set assumptions for assessing the profitability of the contract. [3]