Using Table 19-3 calculate the value of the nonforfeiture options for the life insurance policy. (Express Cash Value and Reduced Paid-Up Insurance in $.)Extended TermFace ValueYears inReduced Paid-UpCashValueType of Policyof PolicyForceInsuranceYearsDays400,000320-payment life$ TABLE 19-3 Nonforfeiture Options (per $1,000 of Face Value Issued to a Woman at Age 20)Whole Life Options20-Payment Life Options20-Year Endowment Options232323ExtendedExtendedExtendedEndReducedReducedReducedTermTermTermofCashPaid-UpCashCashPaid-UpDays Value Insurance Years Days ValuePaid-UpYearValueInsuranceYearsInsuranceYearsDays3$ 1$ 25217$ 29$ 904217$ 39$ 977132532649.23732121486912331920475499131421013672315218638126310109818617541914963020632451232117151573142121832278934142647794373502026249125775051,000-Life-1,0001,000-Life-

Based on category of Life insurance policy and the year in force the value of required field will be…

Using Table 19-3, calculate the value of the nonforfeiture options for the life insurance policy. (Express Cash Value and Reduced Paid-Up Ins ........................ Extended Term Reduced Paid-Up Face Value of Policy Cash Value Years in Type of Policy Force Insurance Years Days 400.000 20-navment life

Using Table 19-3, calculate the value of the nonforfeiture options for the life insurance policy. (Express Cash Value and Reduced Paid-Up Ins ........................ Extended Term Reduced Paid-Up Face Value of Policy Cash Value Years in Type of Policy Force Insurance Years Days 400.000 20-navment life

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 4E

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A fully discrete life insurance policy is issued to (30). The death benefit is 1000 plus the benefit reserve at the end of the year of death. The net level premium is 150, and the reserve at the end of the second policy year is 117.875. Given that q30 = q31 = .1, determine the effective interest rate i.
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 Valueof Policy Sex and Ageof Insured Type of Policy AnnualPremium SemiannualPremium QuarterlyPremium MonthlyPremium $70,000 male—40 whole life $ $ $ $
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 reached
The Revenue Account of a life insurance company shows the life assurance fund on 31st March, 2020 at $5,000,000 before taking into account the following items: -Claims covered under re-insurance $12,000.- Bonus utilized in reduction of life insurance premium $4,500. -Interest accrued on securities $8,000.-Outstanding premium $5,000-Claims intimated but not admitted ` $26,000. What is the life assurance fund after taking into account the above omissions?
Calculate the annual premium for the following policy. (Use Table 20.1.) Amount of coverage (face value of policy) Age and sex of insured Type of insurance policy Annual premium $200,000 42 (M) 20-payment life
What 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
Find the following: (Round your answer to the nearest cent.) Face Value Age and Sex of Insured Type of Insurance Annual Premium $26,000 37F Straight Life
13.Papa, Inc. has a life insurance policy with its president as insured. Papa is the beneficiary of said policy. The annual premium is $ 5,000. As of December 31, 2020, the redeemable value of the policy cash (cash surrender value) is $ 18,200 (final balance). The insurance expense recognized in the Statement of Income and Expenses for the period ended December 31, 2020 was $ 4,000. What was the cash surrender value of this policy on January 1, 2020 (opening balance)? Select one: a. $ 11,200. b. $ 14,200. c. $ 17,200. d. $ 9,200.
For a fully discrete whole life insurance of 100,000 on (45): (i) whole life annuity on 45, a45 = 14.85 (ii)i= 0.06 Calculate the annual net premium.
The premium on a four-year insurance policy expiring on december 31, 2034 was paid in total on January 1, 2021. If the original payment was recorded as a prepaid asset, the balance in prepaid asset on December 31, 2022 would be a. lower than the balance on december 31, 2021b. lower than the balance on december 31, 2023c. the same as the balance on december 31, 2023d. the same as the original payment DISCUSS
Pension data for Sterling Properties include the following: ($ in thousands) Service cost, 2021 $ 116 Projected benefit obligation, January 1, 2021 550 Plan assets (fair value), January 1, 2021 600 Prior service cost—AOCI (2021 amortization, $7) 86 Net loss—AOCI (2021 amortization, $2) 107 Interest rate, 6% Expected return on plan assets, 10% Actual return on plan assets, 11% Required:Determine pension expense for 2021. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.)
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 %