(i) By considering a term assurance policy as a series of one-year deferred term assurance policies, show that: [5] (ii) Calculate the expected present value and variance of the present value of a term assurance of 1 payable immediately on death for a life aged 40 exact, if death occurs within 30 years. Basis: 4% per annum interest, AM92 mortality, no expenses. [6] [Total 11] Note: where required, p. can be calculated for integers t and x using the formula Px = xet/Ix, where the I, functions can be found on pages 74 and 75 of the Tables