Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.5BE
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Question
Using Table 19-1 and Table 19-2, calculate the annual, semiannual, quarterly, and monthly premiums (in $) for the life insurance policy. Round your answers to the nearest cent.
| Face Value of Policy |
Sex and Age of Insured |
Type of Policy | Annual Premium |
Semiannual Premium |
Quarterly Premium |
Monthly Premium |
|---|---|---|---|---|---|---|
| $70,000 | male—40 | whole life | $ | $ | $ | $ |
Transcribed Image Text:TABLE 19-2
Life Insurance-Premium
Factors
Premium
Paid
Semiannually
Quarterly
Monthly
Percent of
Annual
Premium
52%
26%
9%
Transcribed Image Text:TABLE 19-1 Annual Life Insurance Premiums (per $1,000 of Face Value)
Age
18 $2.32
19
2.38
20
2.43
TERE878
21
22
23
24
25
26
27
28
29
30
Male
2.49
2.55
2.62
2.69
2.77
2.84
2.90
2.98
3.07
3.14
5-Year
Term
35
3.43
40
4.23
45
6.12
50
9.72
55
16.25
60 24.10
Term Insurance
Female
$ 1.90
1.96
2.07
2.15
2.22
2.30
2.37
2.45
2.51
2.58
2.64
2.70
2.78
2.92
3.90
5.18
8.73
12.82
19.43
10-Year
Term
Male
$ 4.33
4.42
4.49
4.57
4.64
4.70
4.79
4.85
4.92
5.11
5.18
5.23
5.30
6.42
7.14
8.81
14.19
22.03
37.70
Female
$4.01
4.12
4.20
4.29
4.36
4.42
4.47
4.51
4.60
4.69
4.77
4.84
4.93
5.35
6.24
7.40
9.11
13.17
24.82
Whole
Life
Male
Female
$13.22 $11.17
13.60
11.68
14.12
12.09
14.53
14.97
15.39
15.90
16.38
16.91
17.27
17.76
18.12
18.54
24.19
27.21
33.02
37.94
45.83
53.98
12.53
12.96
13.41
13.92
14.38
14.77
15.23
15.66
16.18
16.71
22.52
25.40
29.16
33.57
37.02
42.24
Permanent Insurance
20-Payment
Life
Male
$23.14
24.42
25.10
25.83
26.42
27.01
27.74
28.40
29.11
29.97
30.68
31.52
32.15
37.10
42.27
48.73
56.31
61.09
70.43
Female
$19.21
20.92
21.50
22.11
22.89
23.47
24.26
25.04
25.96
26.83
27.54
28.09
28.73
33.12
36.29
39.08
44.16
49.40
52.55
20-Year
Endowment
Male
$33.22
33.68
34.42
34.90
35.27
35.70
36.49
37.02
37.67
38.23
38.96
39.42
40.19
43.67
48.20
51.11
58.49
71.28
79.15
Female
$29.12
30.04
31.28
31.79
32.40
32.93
33.61
34.87
35.30
35.96
36.44
37.21
37.80
39.19
42.25
46.04
49.20
53.16
58.08
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