Test%202%20ACTL3002%20S1%2010 - THE UNIVERSITY OF NEW SOUTH...

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THE UNIVERSITY OF NEW SOUTH WALES Semester 1, 2010 Test 2 ACTL3002 LIFE INSURANCE AND SUPERANNUATION MODELS Assessment weight: 7.5% Name ID # Tutor Name INSTRUCTIONS: 1. TIME ALLOWED - 50 Minutes. 2. READING TIME - 3 minutes. 3. TOTAL NUMBER OF QUESTIONS - 3. 4. ALL QUESTIONS ARE NOT OF EQUAL VALUE. TOTAL MARKS - 100. 5. ANSWER ALL QUESTIONS. 6. USE THE BACK PAGES AND THE BLANK PAGES FOR SOLUTIONS. 7. CANDIDATES MAY BRING THE " FORMULAE AND TABLES FOR ACTUARIAL EXAMINATION" BOOK (ANY EDITION) INTO THE EXAMINATION. IT MUST BE WHOLLY UNANNOTATED. 8. CANDIDATES MAY BRING THEIR OWN "CALCULATOR UNSW APPROVED". 9. CANDIDATES SHOULD ANSWER EACH QUESTION STARTING ON A NEW PAGE. ALL ANSWERS MUST BE WRITTEN IN INK. EXCEPT WHERE THEY ARE EXPRESSLY REQUIRED, PENCILS MAY BE USED ONLY FOR DRAW- ING, SKETCHING OR GRAPHICAL WORK. No. Marks 1 2 3 Total 1
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Question 1 [40 marks] A special endowment assurance issued to a man aged 35 exact has a term of 25 years. A sum assured of $100,000 is payable immediately on death, and a sum assured of $200,000 is payable on survival to the end of the term. The policy is secured by annual premiums of
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