Question: Please help, thank you :) 6. For this question, use / = 5% and the following values: X 4x 5Ex 10Ex 20Ex a Ax 1:10

Please help, thank you :)

Please help, thank you :) 6. For this question, use / =

6. For this question, use / = 5% and the following values: X 4x 5Ex 10Ex 20Ex a Ax 1:10 45 0.60655 0.35994 17.8162 8.0751 0.15161 0.38385 0.00893 50 0.60182 0.34824 17.0245 8.0550 0.18931 0.38844 0.01461 55 0.77382 0.59342 0.32819 16.0599 8.0192 0.23524 0.39649 0.02471 60 0.00340 0.76687 0.57864 0.29508 14.9041 7.9555 0.29028 61 0.00379 62 0.00423 (a) A special 20-year endowment insurance policy is purchased by (45). The policy provides for a death benefit of $500,000 and an endowment of $100,000. (i) Calculate the net single premium (NSP) for this policy (nearest dollar) (3 marks) (ii) Calculate the net annual premium (NAP) payable for a maximum of 15 years (4 marks) (b) What is the net single premium of a $150,000 whole life insurance policy issued to an individual aged 62? (answer to nearest dollar) (3 marks) (c) A whole life insurance policy is issued to (50). The policy provides for a death benefit of $1,000,000 if death occurs before age 60 and $500,000 thereafter. It is purchased with net annual premiums (NAP) payable for a maximum of 10 years. What is the NAP? (4 marks) (d) A 5-year deferred whole life insurance policy is purchased by (55) with net annual premiums of $700 payable for the life of the policy (first premium paid at age 55). What is the face amount (death benefit) of this policy? (nearest dollar)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!