Exercise 7.4 An insurer issues a whole life insurance to (70) with sum insured $500 000 payable at the end of the year of death. Premiums are payable annually for a maximum of 15 years. Calculate the...

Extracted text: Exercise 7.4 An insurer issues a whole life insurance to (70) with sum insured $500 000 payable at the end of the year of death. Premiums are payable annually for a maximum of 15 years. Calculate the Full Preliminary Term reserve at the end of the fifth year, assuming mortality follows the Standard Ultimate Life Table, with interest at 5% per year.