Question 5: For a special 3-payment whole life insurance on (50): i) ii) iv) v) vi) Premiums are P at the beginning of year 1, 2, and 3. Death benefit is paid at the end of the year of death. If death occurs in the first 3 years, the death benefit is 1,000 plus refund of premiums without interest. otherwise, the death benefit is 1000. i = 0.05 950 = 0.01, qs1 = 0.02, q52 = 0.03 A50=0.35 Calculate P using the equivalence principle