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A life aged 30 exact purchases a 35-year term assurance policy. Level monthly premiums are...

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Accounting

A life aged 30 exact purchases a 35-year term assurance policy. Level monthly premiums are payable in advance throughout the duration of the contract, ceasing on death, and the sum assured of 250,000 is payable immediately on death. Mortality follows AM92 select, Initial expense: 250 plus 60% of the first monthly premium. Renesval expense: 3% of the second and subsequent monthly premiums. The company charges a premium of 50 and calculates gross premium retrospective reserves using a rate of interest of 6% p.a. effective. Calculate the reserve held for the policyholder at age 55 exact, immediately before the premitum then dte.
Select one:
15950
18580
16860
14740
17670
image

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