When calculating premiums on life insurance products insurance companies often use life tables that.
When calculating premiums on life insurance products insurance companies often use life tables that enable the probability of a person dying in any age interval to be calculated. The following data obtained from New Zealand Abridged Period Life Table: 2014–2016 gives the number out of 100,000 New Zealand-born females and males who are still alive during each five-year period of life between age 20 and 60 (inclusive) a. What is the probability that a New Zealand-born female will reach the age of 30? b. What is the probability that a New Zealand-born female will reach the age of 45? c. What is the probability that a 20-year-old New Zealand-born female will reach the age of 30? d. What is the probability that a 20-year-old New Zealand-born female will reach the age of 40? e. A 30-year-old New Zealand-born female has purchased a term life policy that will pay her estate a million dollars if she dies within five years. What is the probability that the insurance company will pay her estate this amount? f. Repeat (a) to (e) for New Zealand-born males. May 22 2022 08:52 AM
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