1. Assume that interest rates for all maturities are 2.2% per annum and premiums are paid once a year at the beginning of the year. If the term insurance lasts one year, what is the probability that the policyholder dies during the second year for $85,000 of term life insurance for a man of average health aged 90? How much is the expected payout? The present value of the payout is? How much is the break-even premium payment?