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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Calculate the annual, semiannual, quarterly, and monthly premiums for the followingg life insurance policies.

Face Value Sex and Age Annual Semiannual Quarterly Monthly
of Policy of Insured Type of Policy Premium Premium Premium Premium
1. $ 5,000 Male—24 Whole Life $79.50 $41.34 $20.67 $7.16

To determine

To calculate: The annual premium, semiannual premium, quarterly premium and monthly premium if a 24 year old man has the face value of $5,000 for a whole time life insurance policy.

Explanation

Given Information:

A 24 year old man has the face value of $5,000 for a whole time life insurance policy.

Formula used:

The formulas used for calculation are listed below:

Annual premium=Number of $1,000×rate per $1,000Monthly premium=Annual premium×monthly premium factorSemi-annually premium=Annual premium×Semi-annually premium factorQuarterly premium=Annual premium×Quarterly premium factor

Calculation:

Life insurance is defined as the insurance which pledges a specific sum of money to the surviving beneficiaries upon the death of the person who is assured.

The followings steps are used to calculate

Step 1: It is needed to calculate the number of $1,000 of insurance desired by the formula given below:

Number of $1,000 =Face value of policy$1,000=$5,000$1,000=5

Step 2: The annual premium is calculated by the formula given below:

Annual premium=Number of $1,000×rate per $1,000

The rate per $1,000 is calculated from the annual life insurance premiums table. A 24 old man with whole life policy will be 15.90.

Annual premium=Number of $1,000×rate per $1,000=$5×15

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