. . A life insurance company issues a 3-year savings contract to unmarried male lives that offers the following benefits: On death during the 3 years, a sum of 15,000 payable immediately on death. On surrender during the 3 years, a return of premiums paid, payable immediately on surrender. On marriage during the 3 years, a return of premiums paid accumulated with compound interest at 4% per annum, payable immediately on marriage. On survival to the end of three years, the sum of 5,000. The contract ceases on payment of any benefit. Calculate the level premium payable annually in advance for this contract for a life aged 40 exact. Basis: Mortality Force of surrender Force of marriage Interest Expenses AM92 Ultimate 10% per annum 5% per annum 5% per annum effective 0.5% of each premium [12)