Chapter 19.I, Problem 1TIE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Gary Foster, age 26, wants to purchase a 10-year term insurance policy with a face value of $75,000. Calculate his annual and quarterly premiums. How much more will Gary pay per year if he chooses quarterly payments?

To determine

**To calculate:** The value of annual and quarterly premiums and the extra amount Gary pay per year if he chooses quarterly payments where the Gary Foster aged

Explanation

**Given Information:**

The provided life insurance is,

The Gary Foster aged

**Formula Used:**

To calculate the life insurance premium as follows:

Step1: To calculate the number of

Step2: Locate the value of appropriate premium rate per

Step3: To calculate the annual premium by multiplying the number

Step4: Finally, multiply the appropriate 19-2 premium factor by the annual premium as,

**Calculation:**

Consider the provided life insurance, the face value of policy is

Then calculate the number of

Next find the premium per

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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