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3 years ago

Garrett brown bought $200,000 of term life insurance at the rate of $5.40 per thousand dollar unit how much is the annul premium

Mathematics

1 answer:

EleoNora [17]3 years ago

3 0

Answer:

The annual premium will be = $1080

Step-by-step explanation:

Total life insurance term amount = $200,000

The term life insurance rate per $1000 = $5.40

Let’s divide total term amount i.e. $200,000 by $1000 unit to get the total number of $1000 units in $200,000

So, $200,000 ÷ $1000 = 200

So, it is clear that 200 would be the total number of $1000 units in total term life insurance amount of $200,000.

Therefore, if rate per unit $1000 is $5.40, then we must have to multiply $5.40 by 200 to find the annual premium as the total number of $1000 units in total term life insurance amount

of $200,000 is 200.

So, $5.40 × 200 = $1080

Hence, the annual premium will be = $1080

Keywords: insurance, premium, annual premium

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