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(iii) For a whole life Insurance contract with a benefit of $1000 on an individual age x, you are giving a the following information. (i) Death benefits are paid immediately on death (ii) Force of mortality is constant and it is equal to 0.02 Force of interest is equal to 0.05 (iv) Premiums are paid for a period of 20 years (v) First year expenses comprise of 90% of premium and $10 per policy (vi) Renewal expenses comprise of 5% of premium and $2 per policy (vii) $1 settlement expenses Non-claim settlement expenses and premiums are paid at the beginning of the year (ix) Claim settlement expenses are paid at the moment of death (viii) Use the equivalence principle to determine the annual gross premium for this contract. (iii) For a whole life Insurance contract with a benefit of $1000 on an individual age x, you are giving a the following information. (i) Death benefits are paid immediately on death (ii) Force of mortality is constant and it is equal to 0.02 Force of interest is equal to 0.05 (iv) Premiums are paid for a period of 20 years (v) First year expenses comprise of 90% of premium and $10 per policy (vi) Renewal expenses comprise of 5% of premium and $2 per policy (vii) $1 settlement expenses Non-claim settlement expenses and premiums are paid at the beginning of the year (ix) Claim settlement expenses are paid at the moment of death (viii) Use the equivalence principle to determine the annual gross premium for this contract