Chapter 19.I, Problem 1RE

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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:

**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:

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

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.

Sect-19.I P-1TIESect-19.I P-2TIESect-19.I P-3TIESect-19.I P-1RESect-19.I P-2RESect-19.I P-3RESect-19.I P-4RESect-19.I P-5RESect-19.I P-6RESect-19.I P-7RE

Sect-19.I P-8RESect-19.I P-9RESect-19.I P-10RESect-19.I P-11RESect-19.I P-12RESect-19.I P-13RESect-19.I P-14RESect-19.I P-15RESect-19.I P-16RESect-19.I P-17RESect-19.I P-18RESect-19.I P-19RESect-19.I P-20RESect-19.II P-4TIESect-19.II P-5TIESect-19.II P-6TIESect-19.II P-7TIESect-19.II P-8TIESect-19.II P-1RESect-19.II P-2RESect-19.II P-3RESect-19.II P-4RESect-19.II P-5RESect-19.II P-6RESect-19.II P-7RESect-19.II P-8RESect-19.II P-9RESect-19.II P-10RESect-19.II P-11RESect-19.II P-12RESect-19.II P-13RESect-19.II P-14RESect-19.II P-15RESect-19.II P-16RESect-19.II P-17RESect-19.II P-18RESect-19.II P-19RESect-19.II P-20RESect-19.II P-21RESect-19.II P-22RESect-19.II P-23RESect-19.II P-24RESect-19.III P-9TIESect-19.III P-10TIESect-19.III P-1RESect-19.III P-2RESect-19.III P-3RESect-19.III P-4RESect-19.III P-5RESect-19.III P-6RESect-19.III P-7RESect-19.III P-8RESect-19.III P-9RESect-19.III P-10RESect-19.III P-11RESect-19.III P-12RECh-19 P-1CRCh-19 P-2CRCh-19 P-3CRCh-19 P-4CRCh-19 P-5CRCh-19 P-6CRCh-19 P-7CRCh-19 P-8CRCh-19 P-9CRCh-19 P-10CRCh-19 P-11CRCh-19 P-12CRCh-19 P-13CRCh-19 P-14CRCh-19 P-1ATCh-19 P-2ATCh-19 P-3ATCh-19 P-4ATCh-19 P-5ATCh-19 P-6ATCh-19 P-7ATCh-19 P-8ATCh-19 P-9ATCh-19 P-10ATCh-19 P-11ATCh-19 P-12ATCh-19 P-13ATCh-19 P-14ATCh-19 P-15ATCh-19 P-16ATCh-19 P-17ATCh-19 P-18ATCh-19 P-19ATCh-19 P-20ATCh-19 P-21ATCh-19 P-22ATCh-19 P-23ATCh-19 P-24AT

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