Answers needed for each part with step by step solution thanks :)

A company calculates the UPR for policies on an individual basis. Two policies that are being valued are: i) A motor insurance policy, written on the 1 July 2018 for 1200. The initial expenses and commission for this policy was 120. For all policies written on this date, the risk is assumed to be: uniform for the first five months with each month accounting for 7.5% of the total risk uniform for the next four months with each month's risk accounting for 10% of the total risk and finally for the last three months the uniform risk returns to 7.5% per month An extended warranty insurance policy of 240 with initial expenses and commission of 40 that was written on 1 September 2018. All extended warranty insurance policies are assumed to have: a uniform risk of 7% of the annual risk for each of the first 10 months, a risk of 12% of the total annual risk for month 11 a risk of 18% of the total annual risk for month 12 For each policy: a) calculate the UPR at 31/12/18; and (3 marks) b) discuss possible reasons as to why the risk profile exposure patterns are as described above. (3 marks) A policy is assumed to have risk that is uniformly distributed throughout the ii) duration of the policy. The premium is for 1200 and was written on 15th November 2018. The initial expenses were 50. The commission was 10% of the premium put is paid in three equal instalments a month apart with the first payment taking place at the time the policy is taken out. Calculate the UPR at 31/12/18. (2 marks) Whilst calculating the UPR a discussion arises about how the UPR that a company calculates will only be adequate if the initial premium is adequate. One of the problems of calculating an adequate premium is the problem of anti-selection Define anti-selection ili) (1 mark) Explain how anti-selection can be affected by the design of the application form and the rating structure that a company uses. iv) (7 marks) A company calculates the UPR for policies on an individual basis. Two policies that are being valued are: i) A motor insurance policy, written on the 1 July 2018 for 1200. The initial expenses and commission for this policy was 120. For all policies written on this date, the risk is assumed to be: uniform for the first five months with each month accounting for 7.5% of the total risk uniform for the next four months with each month's risk accounting for 10% of the total risk and finally for the last three months the uniform risk returns to 7.5% per month An extended warranty insurance policy of 240 with initial expenses and commission of 40 that was written on 1 September 2018. All extended warranty insurance policies are assumed to have: a uniform risk of 7% of the annual risk for each of the first 10 months, a risk of 12% of the total annual risk for month 11 a risk of 18% of the total annual risk for month 12 For each policy: a) calculate the UPR at 31/12/18; and (3 marks) b) discuss possible reasons as to why the risk profile exposure patterns are as described above. (3 marks) A policy is assumed to have risk that is uniformly distributed throughout the ii) duration of the policy. The premium is for 1200 and was written on 15th November 2018. The initial expenses were 50. The commission was 10% of the premium put is paid in three equal instalments a month apart with the first payment taking place at the time the policy is taken out. Calculate the UPR at 31/12/18. (2 marks) Whilst calculating the UPR a discussion arises about how the UPR that a company calculates will only be adequate if the initial premium is adequate. One of the problems of calculating an adequate premium is the problem of anti-selection Define anti-selection ili) (1 mark) Explain how anti-selection can be affected by the design of the application form and the rating structure that a company uses. iv) (7 marks)