Question

You have just spoken to your insurance agent and you are interested in investing in a 20-Payment Life insurance policy. Given that you are a 25-year-old healthy female, determine the annual premium for a policy with a face value of $55,000.Use the table provided below and round your answer to the nearest cent where necessary.
a.
$1,377.20
c.
$1,427.80
b.
$790.90
d.
$1,475.65

Answer 1

Answer:

a.  $1,377.20

Step-by-step explanation:

To determine the annual premium for the policy, you have to divide the face value by 1,000:

$55,000/1,000= $55

Then, you have to multiply this result for the rate found on the table, which according to the information given is $25.04:

$55*$25.04= $1,377.20

The annual premium for the policy is $1,377.20.

Answer 2

Answer: You can use this to help you out:

Determine the term life insurance amount per thousand on a 20-year-old male for a 10-year policy given that the face value of the policy is $65,000 and the annual premium is $291.85.

a.

$0.00449

c.

$0.2227

b.

$4.49

d.

$222.72

First find how many thousands on the amount of the face value

You do that by dividing the amount of the face value by 1000

65,000÷1,000=65

So the term life insurance amount per thousand is

291.85÷65=4.49...answer

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