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ct010t10 - UNSW ACTL1001 Actuarial Studies and Commerce...

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UNSW ACTL1001 Actuarial Studies and Commerce Tutorial Exercises 10 (consolidated) Exercise 1 (parts 1-3 consolidated from tut 9) Use the following mortality rates Age q x 30 0.00131 31 0.00132 32 0.00133 33 0.00135 34 0.00138 and a 5% p.a. effective interest rate to determine 1. the expected present value of the claim payments for a 5 year term insurance on a life aged 30 with sum insured $ 100000, 2. the expected present value of premiums of $ 1 p.a. payable in advance for a 5 year term insurance on a life aged 30. 3. The principle of equivalence premium for (with a sum assured of $ 100,000) (a) A 3 year term insurance policy. Initial expenses are $ 20, and 2% of each premium. (b) A 5 year term insurance policy. Initial expenses are $ 20, and 2% of each premium. (c) A 5 year pure endowment policy (with regular premiums). Initial expsens are $ 20, and 2% of each premium (d) A 5 year endowment-assurance policy (with regular premiums). Initial expsens are $ 20, and 2% of each premium 4. Use the principle of equivalence to determine the premium that would
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