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At the beginning of 2004, a life insurance company issued a number of 20-year "special" endowment assurance policies to male lives then aged 40 exact. Each policy provides a death benefit of 175,000 payable at the end of year of death and a maturity benefit of $150,000. Premiums on each policy are payable annually in advance for the term of the policy, ceasing on earlier death. (i) Calculate the annual gross premium for each policy using the following premium basis: [4] Mortality AM92 Select Interest 4% per annum Initial commission 25% of the first annual premium Initial expenses E400 Renewal expenses (45 per annum at the start of the second and subsequent policy years (ii) Determine the gross premium reserve for each policy in force at the end of the eighth policy year and for each policy in force at the end of the ninth policy year, using the same basis as above. [6] At the beginning of 2012, there were 625 policies in force. Actual experience for this portfolio of business during 2012 was as follows: Number of deaths 3 Interest earned 4.5% Expense incurred per policy in force at beginning of policy year $45 (iii) Derive, using the recursive relationship between the opening and closing reserves, the profit/loss from this portfolio of business in 2012 separately from: mortality interest expenses [Total 14]