Coverage A has a $400 Deductible and a $1,500 Premium. Coverage B has a $1,000 Deductible and a $750 Premium. If Coverage B is selected, how many months would it take to save the difference in the deductibles? Answer= ? An insured has a $7,000 loss. Their policy has a $1,000 deductible. How much will the insurer pay to the insured? Answer= ?
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- Using the information provided, what transaction represents the best application of the present value of an annuity due of $1? A. Falcon Products leases an office building for 8 years with annual lease payments of $100,000 to be made at the beginning of each year. B. Compass, Inc., signs a note of $32,000, which requires the company to pay back the principal plus interest in four years. C. Bahwat Company plans to deposit a lump sum of $100.000 for the construction of a solar farm In 4 years. D. NYC Industries leases a car for 4 yearly annual lease payments of $12,000, where payments are made at the end of each year.Del Hawley, owner of Hawleys Hardware, is negotiating with First City Bank for a 1-year loan of 50,000. First City has offered Hawley the alternatives listed here. Calculate the effective annual interest rate for each alternative. Which alternative has the lowest effective annual interest rate? a. A 12% annual rate on a simple interest loan, with no compensating balance required and interest due at the end of the year b. A 9% annual rate on a simple interest loan, with a 20% compensating balance required and interest due at the end of the year c. An 8.75% annual rate on a discounted loan, with a 15% compensating balance d. Interest figured as 8% of the 50,000 amount, payable at the end of the year, but with the loan amount repayable in monthly installments during the yearWhat is a deductible? A) the maximum amount a policy will pay out in any one year B) the amount paid after the deductible has been satisfied and until the out of pocket maximum has been reached C) the amount paid by the policyholder before the insurance policy starts paying on the claim D) the amount paid by the policyholder to the insurer on a regular basis for the policy
- An insurance contract has a straight deductible worth 100BD, additionally it also has a coinsurance agreement which specifies that a 21% coinsurance clause exists on a car valued at 30,107 BD. Based on this, if a loss worth 14,713 happens, how much will the insurer pay?A 6-year term insurance policy has an annual premium of $500, and at the end of 6 years, all payments and interest are refunded. What lump-sum deposit is necessary to equal this amount if you assume an interest rate of 2.5% compounded annually? (a) State the type. A.future valueB. ordinary annuity C.sinking fundD. present value of an annuityE.amortization (b) Answer the question. (Round your answer to the nearest cent.)You have a policy with a $1,000 deductible, 80/20 co-insurance, and a $7,500 maximum OOP. You become ill and are hospitalized for two days. The total cost for your treatment is $26,000. Answer the following questions. How much will you pay of the deductible? How much will you pay in co-insurance? What is the total OOP you will pay for this hospital visit? During the same policy year, you have an additional medical expense of $3,500. How much will you pay? What is your total OOP for the year-to-date? Later in the same policy year, you have a $5,000 charge for tests required after your previous hospital stay. How much will you pay
- For life insurance policies, some of the premium pays for the cost of the insurance, and the remainder goes toward the cash value of the policy and earns interest like a savings account. Consider the following insurance company options. Company 1: pays 4.2% compounded monthly on the cash value of their policies Company 2: pays 4.21% compounded semiannually on the cash value of their policies What is the APY offered by each company? (Round your answers to the nearest hundredth.) Company 1 % Company 2 %If the insurance plan where the insurance firm promises to make yearly payments of 200,000 pesos starting on the 11th year until the 15th year. Assuming interest rates are at 6%, what is the fair value of this offer? (Deferred annuity)If an insurance company sells a 150,000 life insurance policy for 600 premium per year and the probability of living out the year is .9965, what is the expected value to the insurance company
- What is a premium? A) the amount paid by the policyholder before the insurance policy starts paying on the claim B) the maximum amount a policy will pay out in any one year C) the amount paid by the policyholder to the insurer on a regular basis for the policy D) the amount paid after the deductible has been satisfied and until the out of pocket maximum has been reachedAs a result of a court settlement, an accident victim is awarded $2.1 million. The attorney takes one-third of this amount, another third is used for immediate expenses, and the remaining third is used to set up an annuity. What amount will this annuity pay at the beginning of each quarter for the next 4 years if the annuity earns 7.2%, compounded quarterly?The 40-year-old makes a contract by paying the 6500 TL he has to the insurance company. If the evaluation is made with 3% interest rate, how much can the person receive when he reaches the age of 70?