On 30 June 1999 an annual premium 25-year endowment assurance policy was issued to a life aged 45 who was assumed to be subject to AM92 Select mortality rated down 5 years. I assumed that "rated down 5 years" meant the mortality rate to use for age x is [x-5] = [45-5] = [40]. In the solutions, why does [x]+t = [40]+5 change to 45 and not remain a select rate?
