Midi Page 6 of 7 5. (15 points) A man and his wife are aged 28 and 24, respectively. They are about to effect an insurance policy that pays $100000 immediately on the first death. Calculate the premium for this policy, payable monthly in advance as long as both are alive and limited to 25 years, on the following basis: Male survival: Makeham's law, with A = 0.0001, B = 0.0004 and c = 1.075 Female survival: Makeham's law, with A=0.0001, B = 0.0003 and c = 1.07 Interest: 5% per year effective Initial expenses: $250 Renewal expenses: 3% of each premium Assume that this couple are independent with respect to mortality. Midi Page 6 of 7 5. (15 points) A man and his wife are aged 28 and 24, respectively. They are about to effect an insurance policy that pays $100000 immediately on the first death. Calculate the premium for this policy, payable monthly in advance as long as both are alive and limited to 25 years, on the following basis: Male survival: Makeham's law, with A = 0.0001, B = 0.0004 and c = 1.075 Female survival: Makeham's law, with A=0.0001, B = 0.0003 and c = 1.07 Interest: 5% per year effective Initial expenses: $250 Renewal expenses: 3% of each premium Assume that this couple are independent with respect to mortality