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Explain what is meant by the following in the context of life insurance policies: (a) gross premium prospective reserve (b) gross premium retrospective reserve. 14

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Explain what is meant by the following in the context of life insurance policies: (a) gross premium prospective reserve (b) gross premium retrospective reserve. 14 State the conditions necessary for gross premium prospective and gross premium retrospective reserves to be equal. [3] [Total 7]

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