Question 15 2 pts Consider a forty year term life insurance contract with an insured amount of $1,000,000, and consider two premium payment options: - Option A: A single premium X is paid upon signing the contract for the whole period. -Option B: An annual premium Y is paid at the beginning of each of the forty coverage years. Answer the following questions: 1) Give an indication of the likely magnitude of Y with respect to X, and justify your answer. 2) The broker selling the insurance contract is receiving a large commission (paid by the insurance company to the broker for securing them a new customer). Under Option A, the commission is paid at the beginning of the contract, but under Option Bit is paid only after three years. Explain the likely reason for this difference. Question 15 2 pts Consider a forty year term life insurance contract with an insured amount of $1,000,000, and consider two premium payment options: - Option A: A single premium X is paid upon signing the contract for the whole period. -Option B: An annual premium Y is paid at the beginning of each of the forty coverage years. Answer the following questions: 1) Give an indication of the likely magnitude of Y with respect to X, and justify your answer. 2) The broker selling the insurance contract is receiving a large commission (paid by the insurance company to the broker for securing them a new customer). Under Option A, the commission is paid at the beginning of the contract, but under Option Bit is paid only after three years. Explain the likely reason for this difference