Exercise 6.9 A life insurance company issues a 10-year term insurance policy to a life aged 50, with sum insured $100 000. Level premiums are payable monthly in advance throughout the term. You are given the following premium assumptions. (i) Commission is 20% of each premium payment in the first year (incurred at the premium payment times) and 5% of all premiums after the first year. (ii) Additional initial expenses are $100. (iii) Claim expenses are $250. (iv) The sum insured and claim expenses are payable one month after the date of death. (v) Mortality follows the Standard Select Life Table, with UDD between integer ages. (vi) i = 5%. Calculate the gross monthly premium. Exercise 6.9 A life insurance company issues a 10-year term insurance policy to a life aged 50, with sum insured $100 000. Level premiums are payable monthly in advance throughout the term. You are given the following premium assumptions. (i) Commission is 20% of each premium payment in the first year (incurred at the premium payment times) and 5% of all premiums after the first year. (ii) Additional initial expenses are $100. (iii) Claim expenses are $250. (iv) The sum insured and claim expenses are payable one month after the date of death. (v) Mortality follows the Standard Select Life Table, with UDD between integer ages. (vi) i = 5%. Calculate the gross monthly premium