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2 years ago

What is the annual premium for $75,000, 10 year life insurance policy for a 40 year old male (Put answer to two decimal places)?

Mathematics

1 answer:

Anvisha [2.4K]2 years ago

5 0

Answer:

About $437.25

Step-by-step explanation:

Using the table which gives the annual premium per $1000; the premium paid annually by the 40 year old male is $437.23

The total annual premium = $75000

Using the data in the table :

Annual premium per $1000 of coverage for a 40-year old male with a 10 - years life insurance policy = $5.83

The annual premium for $75,000 ;

Premium per $1000 × ($75000/$1000)

Annual premium = $5.83 × ($75,000/1000)

Annual premium = $5.83 × 75 = $437.25

Hence, the annual premium for the lifetime insurance based on the stated conditions is $437.25

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