Assume you are assisting an actuary in determining life insurance premiums. Use the information in the tables below to answer the questions. Show all workings.

Males
Age	Number Alive at the Beginning of the Designated Year	Number Dying During the Designated Year
22	99,180,000	60,500
23	99,119,000	62,445
24	99,057,000	63,396
25	98,994,000	64,346
26	98,929,000	66,282

Present Value of $1 at 2.3%
Year	Factor
1	0.9775
2	0.9555
3	0.9341
4	0.9131
5	0.8925

Required:

a) Calculate the net single premium for a five-year term insurance policy in the amount of $1000 issued to a male at age 22. The interest rate is 2.3%. (10 marks)

b) Compute the net level premium for the scenario in part (a). The interest rate is 2.3%. (7 marks)

c) Identify and describe the reasons why an insured would decide to purchase term life insurance rather than a whole life policy. (3 marks)