Question: please help me with this single problem thanks, with steps please fGross Premium Reserve: 6. [12 marks] Suppose Jeffrey, 35, buys a 5-year term insurance

 please help me with this single problem thanks, with steps please\fGross Premium Reserve: 6. [12 marks] Suppose Jeffrey, 35, buys a 5-year

please help me with this single problem thanks, with steps please

term insurance policy with a face amount of $250,000. We assume thefollowing assumptions: Select mortality according to Appendix 0.1 an effective rate ofinterest of 3% per policy expenses of $60 in year 1 and$25 in years 2 and 3 commissions of 10% per year percent

\fGross Premium Reserve: 6. [12 marks] Suppose Jeffrey, 35, buys a 5-year term insurance policy with a face amount of $250,000. We assume the following assumptions: Select mortality according to Appendix 0.1 an effective rate of interest of 3% per policy expenses of $60 in year 1 and $25 in years 2 and 3 commissions of 10% per year percent of premiums expenses of 15% in year 1, 10% in year 2 and 8% in year 3 a death claim expense of $225 Thmnpc-gz Calculate the following for this policy: a) gross premium b) gross premium reserve at the end of year 2 and 4

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