A 10-year 1,000.000 fully discrete term insurance policy is issued to (70). Mortality follows the Illustrative Table at 6% interest. (a) Calculate the gross annual premium based on the equivalence principle (b) Suppose that the policy is modified so that if the policyholder survives, the insurer refunds, at age 80, one-half of all premiums received, without interest. Calculate the gross annual premium based on the equivalence principle. A 10-year 1,000.000 fully discrete term insurance policy is issued to (70). Mortality follows the Illustrative Table at 6% interest. (a) Calculate the gross annual premium based on the equivalence principle (b) Suppose that the policy is modified so that if the policyholder survives, the insurer refunds, at age 80, one-half of all premiums received, without interest. Calculate the gross annual premium based on the equivalence principle