Question 1 (Total: 20 marks) (a) (i) ( State the conditions where the benefit reserve will be equal under both the prospective and retrospective methods. (1 mark) (ii) A fully discrete whole life insurance of 1,000 is issued to a life aged 40. Given that mortality follows Standard Ultimate Life Table with an interest rate of 5% per year, demonstrate that the prospective benefit reserve is equal to the retrospective benefit reserve at time 20, assuming that the conditions stated in part (a)(i) are met. (4 marks)