Calculate the annual premium for the following policy. (Use Table 20.1.) (for females subtract 3 years from the table.) Note: Round your answer to the nearest cent. Amount of coverage (face value of policy) 64,000 $ Age and sex of insured 30 M Type of insurance policy 20-year endowment Annual premium
Calculate the annual premium for the following policy. (Use Table 20.1.) (for females subtract 3 years from the table.) Note: Round your answer to the nearest cent. Amount of coverage (face value of policy) 64,000 $ Age and sex of insured 30 M Type of insurance policy 20-year endowment Annual premium
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Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
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Chapter10: Protecting Your Property
Section: Chapter Questions
Problem 1FPE
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Transcribed Image Text:TABLE 20.1
Life insurance rates for males (for females, subtract 3 years from the age. Non-binary individuals currently need to apply as male or female.)²
Five-year
term
Straight
life
Twenty-year
endowment
1.85
5.90
13.85
1.85
6.13
14.35
1.85
6.35
14.92
1.85
6.60
15.54
1.85
6.85
16.05
1.85
7.13
17.55
1.85
7.43
17.66
1.86
7.75
18.33
1.86
8.08
19.12
1.87
8.46
20.00
1.87
8.85
20.90
1.87
9.27
21.88
1.88
9.71
22.89
1.95
10.20
23.98
2.08
10.71
25.13
2.23
11.26
26.35
2.44
11.84
27.64
2.67
12.46
28.97
2.95
13.12
30.38
3.24
13.81
31.84
3.52
14.54
33.36
3.79
15.30
34.94
4.04
36.59
16.11
16.96
4.26
38.29
4.50
17.86
40.09
Age
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
Age
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
Age
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
Twenty-
payment life
8.28
8.61
8.91
9.23
9.56
9.91
10.29
10.70
11.12
11.58
12.05
12.57
13.10
13.67
14.28
14.92
15.60
16.30
17.04
17.81
18.61
19.44
20.31
21.21
22.15
Age
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
44
2The life insurance tables in this chapter show premiums for a sampling of age groups, options, and coverage available to those under 45 years of age.
Transcribed Image Text:Calculate the annual premium for the following policy. (Use Table 20.1.) (for females subtract 3 years from the table.)
Note: Round your answer to the nearest cent.
Amount of coverage
(face value of policy)
$
64,000
Age and sex of insured
30 M
Type of insurance policy
20-year endowment
Annual premium
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