Use the table below to calculate the minimum premium an insurance company should charge for the life insurance described below, issued to a woman aged 60. Assume that the premium is paid at the beginning of each year and death always takes place halfway through a year. The interest rate is compunded semi-annually. Age (Years) 60 61 Length of Life Insurance Contract Face Value (to be paid upon death) in Ss Risk-free interest rate (% per annum) 62 63 Probability of Death within 1 Year 0.011046 0.011835 0.012728 0.013743 Male 0.85673 0.84726 0.83724 0.82658 Probability of Death Survival Life Survival Life Probability Expectancy within 1 Year Probability Expectancy 21.27 20.50 19.74 18.99 3yrs 5,500,000 6.50 0.006696 0.007315 0.007976 0.008676 Female 0.91375 0.90763 0.90099 0.89380 24.30 23.46 22.63 21.81

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