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A company is planning on using the 24ths method to calculate its UPR for a particular class of business. i) a) State what UPR stands for and its purpose. (2 marks) b) Define clearly the 24ths method of calculating the UPR including the assumptions underlying the method. (5 marks) c) A fellow student has said that modern computers have now made the 24ths method obsolete Explain why they have reached this conclusion and whether you agree. (4 marks) i) A different company calculates the UPR for policies on an individual basis. Two policies that are being valued are: A motor insurance policy, written on the 1* July for 1,200. The initial expenses and commission for this policy was 120. For all policies written on this date, the risk is assumed to be: uniform for the first five months with each month accounting for 7.5% of the total risk uniform for the next four months with each month's risk accounting for 10% of the total risk and finally for the last three months the uniform risk retums to 7.5% per month An extended warranty insurance policy of 240 with initial expenses and commission of 40 that was written on 1st September. All extended warranty insurance policies are assumed to have: a uniform risk of 7% of the annual risk for each of the first 10 months, a risk of 12% of the total annual risk for month 11 a isk of 18% of the total annual risk for month 12 For each policy: a) calculate the UPR at 31/12/18; and (3 marks) b) discuss possible reasons as to why the risk profile exposure patterns are as described above. (3 marks) Whilst calculating the UPR a discussion arises about how the UPR that a company calculates will only be adequate if the in tial premium is adequate. One of the problems of calculating an adequate premium is the problem of anti-selection Define anti-selection. (1 mark) Explain how anti-selection can be affected by the design of the application form iv) and the rating structure that a company uses (7 marks)