Final Test MATH 3281 3. 00 Page 12 of 21 Question 1 1 Define the notion of actuarial premium calculation principle . Show ( using either the*...

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This question is related to actuarial mathematics- life contingencies.

Final TestMATH 3281 3. 00Page 12 of 21Question 1 1 Define the notion of actuarial premium calculation principle . Show ( using either the*insurer's premium defining equation , or the insured 's premium defining equation ) thatevery actuarial premium must be at least as large as the mathematical expectation ofthe underlying risk random variable . State the condition for the feasibility of insurance*contracts .Cont .