ppose you are an actuarial consultant hired to determine life insurance premium in the fictional country of Neverland. Owing to continuing warfare, the mortality rate in the country is extremely high. For all of the following calculations use the mortality table given below, assume the relevant discount rate is 5%

Numper Tray question Numper Deatns Age Alive Dying per 1000 28 300 3.00 100,000 99,700 29 320 3.21 30 340 3.42 31 360 3.63 99,380 99,040 98,680 98,300 32 380 3.85 33 400 4.07 34 420 4.29 97,900 97,480 35 440 4.51 Present Value of $1 at 5% Year Factor 1 0.9524 2 0.9070 3 0.8638 4 0.8227 Required: a) Calculate the premium per $1,000 of coverage on a one-year term policy for a 30-year old male. Show all working. (3 marks) b) Calculate the net single premium per $1,000 of coverage on a three-year term policy for a 30-year old male. Show all working. (10 marks) c) Calculate the net level premium per $1,000 of coverage on a three-year term policy for a 30-year old male. Show all working. (7 marks)