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A man, age 46, purchases a 3-year endowment insurance with benefits payable at the end of the year of death. The benefit is given by
A man, age 46, purchases a 3-year endowment insurance with benefits payable at the end of the year of death. The benefit is given by the formula:
b46+t=1,000 1.06t for t =1, 2, 3
Mortality is described in the following table:
Age lx
45 60,000
46 59,000
47 57,500
48 55,000
49 52,500
50 50,000
51 47,000
52 44,000
53 42,000
i =0.035
Calculate the single benefit premium for this insurance.
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