For a fully discrete whole life insurance on (60), you are given:
(i) Mortality follows the Standard Ultimate Life Table
(ii) [math]\quad i=0.05[/math]
(iii) The expected company expenses, payable at the beginning of the year, are:
- 50 in the first year
- 10 in years 2 through 10
- 5 in years 11 through 20
- 0 after year 20
Calculate the level annual amount that is actuarially equivalent to the expected company expenses.
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