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3. A 2-year term insurance is issued to (x), with death benefits payable at the end...
3. A 2-year term insurance is issued to (x), with death benefits payable at the end of the year of death. Forj-1,2, the death bene fit for policy year j is bj, bi2 0 Assume bi +b 10, Let Z denote the random variable of the present value of the death bene fit payments Giveni-0,q-0.1 andq-0.3, find the value of b which minimizes Var[Z]
A 3-year endowment insurance policy with the benefits payable at the end of the year of...
A 3-year endowment insurance policy with the benefits payable at the end of the year of death is issued to (46). The benefit formula is given by 1000(1.06) fort 1,2,3 Mortality is based on the following table Age , 45 60 000 46 59 000 47 57 500 48 55 000 49 52 500 50 50 000 51 47 000 52 44 000 53 42 000 Compute the net single premium for this insurance giveni 0.03.
Understanding universal life insurance Universal life insurance combines elements from term and whole life insurance. Term...
Understanding universal life insurance Universal life insurance combines elements from term and whole life insurance. Term policies provide a death benefit _______ savings component, whole life policies provide a death benefit _______ savings component, and universal policies provide a death benefit _______ savings component. To understand how universal premiums are allocated, consider the following example. Kathy is a 37-year-old lawyer who has taken out a universal life insurance policy to protect her two children (ages 8 and 6) in the...
A25=E() It is a life insurance models question. 1. Suppose 100 individual aged 25 purchase $1000...
A25=E()
It is a life insurance models question.
1. Suppose 100 individual aged 25 purchase $1000 of whole life insurance with benefits payable at death. If Z, is the present value of benefit variable for the ith individual, then Zag Z1Z2 +. Z100 is the aggregate random present value of benefits paid by the insurer. Write an expression for the expected value and variance of Zagg in terms of A25 and 2 A25
104 Life Insurance-Term and Other The main purpose of life insurance is to provide financial protection...
104 Life Insurance-Term and Other The main purpose of life insurance is to provide financial protection for your dependents in case of your death. You may purchase term life insurance, whole life insurance, limited payment life insurance, of endowment life insurance. ANNUAL PREMIUM - NUMBER OF UNITS PURCHASED X PREMIUM PER $1000 Use the tables below to answer the problems. ANNUAL PREMIUM PER $1000 OF LIFE INSURANCE: 5-YR TERM Age 18 20 25 30 35 45 55 65 Male $...
5. Mortality for two independent lives is modeled as a Markov chain wth four states: (1) both ali...
5. Mortality for two independent lives is modeled as a Markov chain wth four states: (1) both alive (2) (x) alive (3) (y) alive (4) neither alive The transition probability matrix is 0.85 0.1 0.04 0.01 0 0.95 0 0.05 0 0 0.9 0.1 A 3-year term insurance has the following provisions withi- 0.05 (i) Premiums are payable at the beginning of the year while both are alive (ii) Benefits are paid at the first death. ii I (y) dies...
Problem 7. (10 pts) The insurance company has a cohort of policyholders, 70% of whom are...
Problem 7. (10 pts) The insurance company has a cohort of policyholders, 70% of whom are non-smokers and 30% of whom are smokers. For the fixed age x, the insurance company's model for mortality has ONS = ONS = 0.15 (non-smoker) and q = = 0.25 (smoker). (a). A policyholder is chosen at random from the cohort. Compute 19 and qx+1 for this poli- cyholder (b). Suppose that both non-smoker and smoker mortality follow UDD in each year of age....
14. Spousal Insurance Policies. Consider two alternatives insuring the lives of two part ners: ( ...
14. Spousal Insurance Policies. Consider two alternatives insuring the lives of two part ners: ( individual policies for each spouse paying 2 at each death time (so buy 2 individ- ual policies). (ii) a spousal policy that pays B when the first spouse dies. The present values of () and (i) are zX+2RY and Z2 - Be-r, respectively, where X and Y are the remaining lifetimes of the two insureds (in years), T min(X, Y) is the first death time...
A life insurance company sells a $250,000 1-year term life insurance policy to a 20-year old male...
A life insurance company sells a $250,000 1-year term life insurance policy to a 20-year old male for $350. The probability this person survives the year is 0.98734. Compute the expected value of this policy to the insurance company to the nearest 0.01.
The number needed from Exhibit12-8 is .09 In the current year, Jill, age 35, received a...
The number needed from
Exhibit12-8 is .09
In the current year, Jill, age 35, received a job offer with two alternative compensation packages to choose from. The first package offers her $94,000 annual salary with no qualified fringe benefits and requires her to pay $5,500 a year for parking and to purchase life insurance at a cost of $3,000. The second package offers $82,000 annual salary, employer-provided health insurance, annual free parking (worth $520 per month), $200,000 of life insurance...
3. A 2-year term insurance is issued to (x), with death benefits payable at the end of the year of death. Forj-1,2, the death bene fit for policy year j is bj, bi2 0 Assume bi +b 10, Let Z denote the random variable of the present value of the death bene fit payments Giveni-0,q-0.1 andq-0.3, find the value of b which minimizes Var[Z]
A 3-year endowment insurance policy with the benefits payable at the end of the year of death is issued to (46). The benefit formula is given by 1000(1.06) fort 1,2,3 Mortality is based on the following table Age , 45 60 000 46 59 000 47 57 500 48 55 000 49 52 500 50 50 000 51 47 000 52 44 000 53 42 000 Compute the net single premium for this insurance giveni 0.03.
Understanding universal life insurance Universal life insurance combines elements from term and whole life insurance. Term policies provide a death benefit _______ savings component, whole life policies provide a death benefit _______ savings component, and universal policies provide a death benefit _______ savings component. To understand how universal premiums are allocated, consider the following example. Kathy is a 37-year-old lawyer who has taken out a universal life insurance policy to protect her two children (ages 8 and 6) in the...
A25=E()
It is a life insurance models question.
1. Suppose 100 individual aged 25 purchase $1000 of whole life insurance with benefits payable at death. If Z, is the present value of benefit variable for the ith individual, then Zag Z1Z2 +. Z100 is the aggregate random present value of benefits paid by the insurer. Write an expression for the expected value and variance of Zagg in terms of A25 and 2 A25
104 Life Insurance-Term and Other The main purpose of life insurance is to provide financial protection for your dependents in case of your death. You may purchase term life insurance, whole life insurance, limited payment life insurance, of endowment life insurance. ANNUAL PREMIUM - NUMBER OF UNITS PURCHASED X PREMIUM PER $1000 Use the tables below to answer the problems. ANNUAL PREMIUM PER $1000 OF LIFE INSURANCE: 5-YR TERM Age 18 20 25 30 35 45 55 65 Male $...
5. Mortality for two independent lives is modeled as a Markov chain wth four states: (1) both alive (2) (x) alive (3) (y) alive (4) neither alive The transition probability matrix is 0.85 0.1 0.04 0.01 0 0.95 0 0.05 0 0 0.9 0.1 A 3-year term insurance has the following provisions withi- 0.05 (i) Premiums are payable at the beginning of the year while both are alive (ii) Benefits are paid at the first death. ii I (y) dies...
Problem 7. (10 pts) The insurance company has a cohort of policyholders, 70% of whom are non-smokers and 30% of whom are smokers. For the fixed age x, the insurance company's model for mortality has ONS = ONS = 0.15 (non-smoker) and q = = 0.25 (smoker). (a). A policyholder is chosen at random from the cohort. Compute 19 and qx+1 for this poli- cyholder (b). Suppose that both non-smoker and smoker mortality follow UDD in each year of age....
14. Spousal Insurance Policies. Consider two alternatives insuring the lives of two part ners: ( individual policies for each spouse paying 2 at each death time (so buy 2 individ- ual policies). (ii) a spousal policy that pays B when the first spouse dies. The present values of () and (i) are zX+2RY and Z2 - Be-r, respectively, where X and Y are the remaining lifetimes of the two insureds (in years), T min(X, Y) is the first death time...
The number needed from
Exhibit12-8 is .09
In the current year, Jill, age 35, received a job offer with two alternative compensation packages to choose from. The first package offers her $94,000 annual salary with no qualified fringe benefits and requires her to pay $5,500 a year for parking and to purchase life insurance at a cost of $3,000. The second package offers $82,000 annual salary, employer-provided health insurance, annual free parking (worth $520 per month), $200,000 of life insurance...
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