Question

Determine the term life insurance amount per thousand on a 22-year-old female for a 5-year policy given that the face value of the policy is $600,000 and the annual premium is $1332. a. $2.07 c. $2.15 b. $2.30 d. $2.22

Answer 1

The answer is D, 2.22 for sure, you're welcome

Answer 2

We need to determine the term life insurance amount per thousand on a 22-year-old female for a 5-year policy given that the face value of the policy is $600,000 and the annual premium is $1332.

Since we are supposed to find the term life insurance amount per thousand, therefore, we will use the following formula:

$\text{Term life insurance amount}=\frac{\text{Annual premium}}{\text{Face value of insurance}}*1000$

Upon substituting the values of annual premium and face value of insurance, we get:

$\text{Term life insurance amount}=\frac{\text{1332}}{\text{600000}}*1000\\ \text{Term life insurance amount}=\ 2.22$

Therefore, the required life insurance amount is $2.22.