Description: The following problem is from the 1968 Society of Actuaries Part 4 Examination on Life Contingencies. It is an instructive problem because it interweaves joint-life functions with single-life reserves.

Description: We present a method to calculate the percentile of the distribution of the present value of the death benefit for a continuous deferred whole life Insurance.

Description: This note is motivated by Section 7.4 of Actuarial Mathematics. Consider two different fully-discrete policies issued to x, each for a unit of life insurance during the first h years. Here, h is less than or equal to the shorter of the two premium-payment periods.