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Question - Suppose you are an actuarial consultant hired to determine life insurance premiums in the fictional country of Neverland. Owing to continuing warfare, the mortality rate in the country is extremely high. For all of the following calculations use the mortality table given below, assume the relevant discount rate is 5%.
Mortality Table (Males)
Age
Number Alive
Number Dying
Deaths per 1000
28
100,000
300
3.00
29
99,700
320
3.21
30
99,380
340
3.42
31
99,040
360
3.63
32
98,680
380
3.85
33
98,300
400
4.07
34
97,900
420
4.29
35
97,480
440
4.51
Present Value of $1 at 5%
Year
Factor
1
0.9524
2
0.9070
3
0.8638
4
0.8227
Required -
a) Calculate the premium per $1,000 of coverage on a one-year term policy for a 30-year old male. Show all working.
b) Calculate the net single premium per $1,000 of coverage on a three-year term policy for a 30-year old male. Show all working.
c) Calculate the net level premium per $1,000 of coverage on a three-year term policy for a 30-year old male. Show all working.
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