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Rosa Diaz is 32 years old and buys $1,000,000 of 5-year discrete term life insurance. In addition to the $1,000,000 death benefit, premiums are returned
Rosa Diaz is 32 years old and buys $1,000,000 of 5-year discrete term life insurance. In addition to the $1,000,000 death benefit, premiums are returned without interest at the end of the term if she survives. She pays for the insurance with annual premiums throughout the term. If Rosa uas a constant force of mortality of 0.03 and the force of interest is 0.05, what is the level annual benefit premium? (6 marks) Rosa Diaz is 32 years old and buys $1,000,000 of 5-year discrete term life insurance. In addition to the $1,000,000 death benefit, premiums are returned without interest at the end of the term if she survives. She pays for the insurance with annual premiums throughout the term. If Rosa uas a constant force of mortality of 0.03 and the force of interest is 0.05, what is the level annual benefit premium? (6 marks)
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