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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

Virginia Bennett purchased a $100,000.20-payment life insurance policy when she was 20 years old. She is now 30 years old and wants to investigate her nonforfeiture options. As her insurance agent, use Table 19-3 to determine the value of Virginia’s three options.

To determine

To calculate: The value of Virginia three option where the Virginia Bennett purchased a $100,000 payment life insurance policy when she was 20years old and she is now 30years old, wants to investigate her non-forfeiture options by used the table 19-3.

Explanation

Given Information:

The provided life insurance is,

The Virginia Bennett purchased a $100,000 payment life insurance policy when she was 20years old and she is now 30years old, wants to investigate her non-forfeiture options by used the table 19-3.

Formula Used:

The steps to calculate the various non-forfeiture options are as follows:

Step1: First calculate the number of $1000 of insurance by division of the face value by $1000 and rounding to the nearest whole $1000.

Numberof $1000=Facevalue of the policy$1000

Step2: Now there are three options:

Option I-Cash value: For this fix the appropriate dollars per $1000 in the Cash value column of the table 19-3 and multiply it by the number of $1000 insurance.

Option II-Reduced Paid -Up Insurance: Determine the appropriate dollars per $1000 in the Reduced Paid -Up Insurance column of the table 19-3 and multiply it by the number of $1000 insurance.

Option III-Extended Term: For this fix the length of time of new extended term policy in Years and Days column of table 19-3.

Calculation:

Consider that the face value of policy is $100,000.

Then calculate the number of $1000 as,

numberof$1000=facevalue of policy$1000=100,

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