acturial math
10 years ago, a man aged 40 effected a whole life assurance for a sum assured of $10000 payable at the end of the year of death by level annual premiums. The premiums were calculated using AM92 Ultimate @ 4% and an allowance of expenses of 50% of the first year’s premium and 5% of each subsequent premium. Immediately before payment of annual level premium, the policy is required to be converted into an endowment assurance maturing on his 60th birth day with the annual premium remaining unaltered, calculate his revised sum assured using the same basis.
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