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Problem: Mr. Thrift has just turned 30 today. He approaches Nopay Assurance Limited to buy a $1,000,000 WHOLE life insurance protection. The mortality table appropriate for an average male of Mr. Thrift's age and health conditions is given below.
Age (k) | 30 | 50 | 70 | 90 | 110
Number of persons alive at age (k) | 1,000 | 900 | 500 | 100 | 0
The insurance premiums are paid at the beginning of each period and death benefit is paid at the end of the period of death. The current interest rate is so low that it can be assumed to be 4% per year. Ignore the cost loadings and the profit margin of Nopay Assurance.
Required:
(a) If Mr. Thrift wants to make one and only one premium payment at Age 30, what is the single premium payment?
(b) Determine the level premiums for Mr. Thrift's whole life policy. There are FOUR level premiums.
(c) Determine the cash value at each age of Mr. Thrift.
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