Question 2 [12 marks] A 35-year old select life is wishing to purchase a whole of life assurance product with the following benet types: I No benets if death occurs before the age of 55. I From the ages of 55 to 65 the death benet is $75,000 which is paid at the end of the year of death. I If the person dies after the age of 65 then he will receive a benet of $100,000 at the end of the year of death. Premium for this policy is to be paid in advance at the start of each year, as long as the policyholder is alive, up to a maximum of 25 years. Premium basis: I Assume select mortality I Interest rate is assumed to be 6% pa. effective I Initial Expense of $500. I Renewal expense of 2% each renewal premium I Death benefit claim expense of $100 I Assume that the maximum age is 115 a. Evaluate the annual premium to be charged for this policy