Q3. The human life value is one method for estimating the amount of life insurance to own. Keeping all other factors unchanged, explain the effect, if any, of each of the following: 1. The discount rate used to calculate the human life value is increased. 2. The amount of average annual income going to the family is increased. 3. The period over which income is paid to the family is reduced. 04. Life insurance policies have different characteristics. For each of the following, identify the life insurance policy that meets the description: a. A policy where the face amount of insurance increases if the investment results are favorable b. A policy that can be used to insure the human life value of an individual, age 35, at the lowest possible annual premium c. A policy that permits the policyholder to determine how the premiums are to be invested d. A policy that allows cash withdrawals for a down payment on a home or payment of college tuition