Explain the concept of Mortality table, mortality risk, and enumerate the basic elements that are considered for premium computation. Calculate the premium to be charged given that 2000 persons all aged 50 yrs are insure

Explain the concept of Mortality table, mortality risk, and enumerate the basic elements that are considered for premium computation. Calculate the premium to be charged given that 2000 persons all aged 50 yrs are insured for ₹1,00,000 for 1 year, and the rate of mortality denoted as $(q_{50})$ is 0.004.