Problem 1.8. (12.5 pt) Do following problems 1. Explain following terms in your own word(do not copy paste from other sources) (a) (pt) Guaranteed minimum death benefit (0) (pt)Guaranteed minimum accumulation benefit (0) (pt)Guaranteed minimum withdrawal benefit (d) (pt)Guaranteed minimum income benefit 4. (4.5 pt) Explain why mortgage guarantee insurance insurance contract is a put option with payment contingent on borrower default(You may want to little bit explain what in mortgage guarantee insurance before explain why it is a put option.)