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3 years ago

1. Bob bought a $135,000 term life insurance policy. He is 35 years old and does not smoke. Find

Business

1 answer:

Sergio039 [100]3 years ago

7 0

Based on then information given his annual premium is $175,50.

<h3>Annual premium</h3>

Since he bought a life insurance policy of the amount of $135,000 his annual premium can be calculated as:

Annual premium per $1000 of coverage for a 35-year old = 1.30

Annual premium=Life insurance policy/1,000 ×1.30

Where:

Life insurance policy=$135,000

Let plug in the formula

Annual premium=$135,000/1,000×1.30

Annual premium= $175.50

Inconclusion his annual premium is $175,50.

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