A special fully continuous whole life insurance pays a benefit of 1000 plus a refund of all premiums without interest at the moment of death . We are given μ=0.01 and δ=0.05. Calculate the annual premium.

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A: An annuity is a series of payments made at equal intervals. Examples of annuities are regular…

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A:

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A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…

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Q: ate annuity on

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Types of Insurance Contract

Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.