4. An ordinary life contract for a unit amount on a fully discrete basis is issued to (x) with an annual premium of 0.048. Assume that d=0.06, A, = 0.4, and 24, = 0.2. Let L be the insurer's (net) loss function at issue of policy. (a) (b) Calculate E[L] and Var (L) Consider a portfolio of 100 policies of this type with face amounts given below: Face Amount Number of Policies 80 20 4 Assume that the losses are independent and use a normal approximation to calculate the probability that the present value of gains for the portfolio will exceed 20.