1. A consumer aged 63 is considering thepurchase of a single premium whole life insurance of $10,000 with benefitspayable at the end to the year of death. The company uses the followingassumptions to calculate the premium:

a. Mortality ILT

b. Interest 5%

c. The single premium forthis insurance at age 63 is $4,672

The consumer is considering as an alternativeinvesting the premium and purchasing the insurance instead at age 65.

a.      What is the name we use inactuarial work to describe the assumptions that underline the calculation ofthe insurance premium?

b.     What is the minimum interestrate that must be earned (net of tax) to accumulate to the amount necessary topurchase the insurance at age 65.

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