A female customer of 29 years old wants to purchase a two-year term life insurance policy from your life insurance compa

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A Female Customer Of 29 Years Old Wants To Purchase A Two Year Term Life Insurance Policy From Your Life Insurance Compa 1 (44.34 KiB) Viewed 78 times

A Female Customer Of 29 Years Old Wants To Purchase A Two Year Term Life Insurance Policy From Your Life Insurance Compa 2 (37.8 KiB) Viewed 78 times

A female customer of 29 years old wants to purchase a two-year term life insurance policy from your life insurance company. Premium will be received at beginning of each year, and claim of $60,000 would be paid in middle of the year of her death, if ever. The annual interest rate is 4%, and the life table is provided below. Exact age x 27 28 29 30 31 cumulative prob. of surviving to х Сх 0.98517 0.98433 0.98352 0.98273 0.98195 Question 1 (1 point) What is the client's probability of death in the 1" year of the insurance policy? (Round up or down to 7 decimals for your probabilities, c.g. if your result is 0.000456789, keep 0.0004568 and submit exactly 0.04568%. More or fewer decimals will be treated as a wrong answer by Brightspace) Question 2 (1 point) What is the client's probability of death in the 2nd year of the insurance policy? (Round up or down to ? decimals for your probabilities, eg. if your result is 0.000456789, submit 0.04568%)
Question 2 (1 point) What is the client's probability of death in the 2nd year of the insurance policy? (Round up or down to Z decimals for your probabilities, c.g. if your result is 0.000456789, submit 0.04568%) 4 Question 3 (2 points) What is the present value of the expected claim on the insurance policy? (Round your final answer up or down to cent only.e.g., if your result is $12.3456, submit exactly $12.35 as your final answer) A/ Question 4 (3 points) What is the minimum premium on the insurance policy? Note: Take a piece of paper to write down the process of your solution. Then, insertton image of it in JPG or PNG type, using the "Insert Image" button S (don't use "Add a File"!). A/ + Paragraph 14 B I 19px... U 7 olo + 50 Lato (Recom... * Ea