Garks allocated: 20 a. Term life insurance - multiple approach ( 5 marks) Harry earns $92000 per annum and has $67000 in superannuation. He does not currently have any life insurance. Using the multiple approach, calculate Harry's sum insured based on an investment rate of 4%. (5 marks) b. Income protection insurance - agreed value versus indemnity policy (15 marks) Danni is eaming $8,000 per month and takes out a fixed benefit (agreed value) income protection policy for 60% of her monthly income. Six months after commencing the policy her income falls to $6000 per month. After several months of eaming $6000 per month she falls ill and is unable to work. i. What will be the monthly benefit under the policy? ( 3 marks) ii. If Danni had an indemnity policy rather than a fixed benefit policy what would be the monthly benefit under the policy? ( 4 marks) iii. Explain the differences between an indemnity and agreed value policy. ( 8 marks)