8 marks 3. For a fully discrete whole life insurance of $1000 on (50). Initial expenses: $185. Renewal expenses after the first year: $1. The claim settlement expense: $50 is payable when the claim is paid. Mortality: follows De Moivre's law ,-u-z, where w 100. Interest rate: i 0.05. Calculate the gross premium using the equivalence principle. 8 marks] 8 marks 3. For a fully discrete whole life insurance of $1000 on (50). Initial expenses: $185. Renewal expenses after the first year: $1. The claim settlement expense: $50 is payable when the claim is paid. Mortality: follows De Moivre's law ,-u-z, where w 100. Interest rate: i 0.05. Calculate the gross premium using the equivalence principle. 8 marks]