(SOA 1968) Consider a special fully continuous insurance policy issued on two lives (x) and (y), with independent future lifetimes. Level net premiums are payable continuously until the time, t, of the first death. The death benefit is payable at the moment of such death, and is equal to ( ) t V Ax if (y) dies first, and ( ) t V Ay if (x) dies first. There is no death benefit upon the second death, i.e., no other benefits. Determine the annual net premium for this policy in terms of single life and joint life net premiums, i.e., in terms of P(Ax), P(Ay) and P(Axy).

Question 3 (SOA 1968) Consider a special fully continuous insurance policy issued on two lives (x) and (y), with independent future lifetimes. Level net premiums are payable continuously until the time, t, of the first death. The death benefit is payable at the moment of such death, and is equal to () if (y) dies first, and () if (x) dies first. There is no death benefit upon the second death, i.e., no other benefits. Determine the annual net premium for this policy in terms of single life and joint life net premiums, i.e., in terms of P(), P() and P(). Question 3 (SOA 1968) Consider a special fully continuous insurance policy issued on two lives (x) and (y), with independent future lifetimes. Level net premiums are payable continuously until the time, t, of the first death. The death benefit is payable at the moment of such death, and is equal to () if (y) dies first, and () if (x) dies first. There is no death benefit upon the second death, i.e., no other benefits. Determine the annual net premium for this policy in terms of single life and joint life net premiums, i.e., in terms of P(), P() and P()