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- Find the expected net profit of an insurance company on a life-insurance policy whose death benefit is $1,000,000 if the annual premium for the policy is $2000 and the chance of the customer dying within the next year is 0.002. Interpret. (show work)(Analysis of Alternatives) Julia Baker died, leaving to her husband Brent an insurance policy contract that provides that the beneficiary (Brent) can choose any one of the following four options.(a) $55,000 immediate cash.(b) $4,000 every 3 months payable at the end of each quarter for 5 years.(c) $18,000 immediate cash and $1,800 every 3 months for 10 years, payable at the beginning of each 3-month period.(d) $4,000 every 3 months for 3 years and $1,500 each quarter for the following 25 quarters, all payments payable at the end of each quarter.InstructionsIf money is worth 2½% per quarter, compounded quarterly, which option would you recommend that Brent exercise?Calculate the annual premium for the following policy. (Use Table 20.1.) (for females subtract 3 years from the table.) (Round your answer to the nearest cent.) **TABLE ATTACHED***** Amount of coverage (face value of policy) Age and sex of insured Type of insurance policy Annual premium $50,000 27 (F) 20-year endowment
- J.C. Monahan, age 40, bought a straight-life insurance policy for $210,000. Calculate her annual premium. (Use Table 20.1.) If after 20 years J.C. no longer pays her premiums, what nonforfeiture options will be available to her? (Use Table 20.2.) Annual premium Nonforfeiture options Option 1: Cash value, extended term, marketing expense, operating income, other utilities, or Paid-Up insurance? Option 2: Cash value, extended term, marketing expense, operating income, other utilities, or Paid-Up insurance? Option 3: Cash value, extended term, marketing expense, operating income, other utilities, or Paid-Up insurance?J.C. Monahan, age 40, bought a straight-life insurance policy for $210,000. Calculate her annual premium. (Use Table 20.1.) If after 20 years J.C. no longer pays her premiums, what nonforfeiture options will be available to her? (Use Table 20.2.) Annual premium Nonforfeiture options Option 1: Please chose one of the following: 1. Cash Value, 2. Extended Term, 3. Marketing Expense, 4. Operating income, 5. Other utilities 6. Paid-up insurance Option 2: Please chose one of the following: 1. Cash Value, 2. Extended Term, 3. Marketing Expense, 4. Operating income, 5. Other utilities 6. Paid-up insurance Option 3: Please chose one of the following: 1. Cash Value, 2. Extended Term, 3. Marketing Expense, 4. Operating income, 5. Other utilities 6. Paid-up insurance5-21 EVALUATING LUMP SUMS AND ANNUITIES Kristina just won the lottery, and she must choose among three award options. She can elect to receive a lump sum today of $62 million, to receive 10 end-of-year payments of $9.5 million, or to receive 30 end-of-year payments of $5.6 million. a. If she thinks she can earn 7% annually, which should she choose? b. If she expects to earn 8% annually, which is the best choice?
- Harvey Cook, 45, is a recently divorced father of two children, ages 10 and 7. He currently earns $95,000 a year as an operations manager for a utility company. The divorce settlement requires him to pay $1,500 a month in child support and $400 a month in alimony to his ex-wife. Harvey is now renting an apartment, and the divorce settlement left him with about $100,000 in savings and retirement benefits. His employer provides a $75,000 life insurance policy. Harvey’s ex-wife is currently the beneficiary listed on the policy. What advice would you give to Harvey? What factors should he consider in deciding whether to buy additional life insurance at this point in his life? If he does need additional life insurance, what type of policy or policies should he buy? Use Worksheet 8.1 to help answer these questions for Harvey.Bobbi Hilton, 62, is considering the purchase of a 77-year long-term care policy. If nursing home costs average $7 comma 3907,390 per month in her area, how much could she have to pay out-of-pocket for 77 years without long-term care insurance? What can Bobbi do to reduce the cost of this coverage? Question content area bottom Part 1 The amount Bobbi would have to pay out-of-pocket for 77 years of nursing home costs without long-term care insurance is Bobbi Hilton, 62, is considering the purchase of a 77-year long-term care policy. If nursing home costs average $7 comma 3907,390 per month in her area, how much could she have to pay out-of-pocket for 77 years without long-term care insurance? What can Bobbi do to reduce the cost of this coverage? Question content area bottom Part 1 The amount Bobbi would have to pay out-of-pocket for 77 years of nursing home costs without long-term care insurance is $620760620760. (Round to the nearest dollar.) Part 2 To lower the cost of long-term care insurance, Bobbi can: (Select all the choices that apply.) Select a longer waiting period (time between nursing home admission and payment of benefits by the insurance company.) Buy a long-term care policy as soon as possible before costs increase due to advancing age. Cover the costs of nursing home care through a combination of self-insurance (if she can afford it) and long-term care…
- The average Roman’s lifespan 2,000 years ago was 22 years. In 1900, a person was expected to live 47.3 years. In 2017, life expectancy is 78.5. Assume you are a 47-year-old female. (Use Table 20.1.) (for females subtract 3 years from the table.) (Leave no cells blank - be certain to enter "0" wherever required.) ***TABLE ATTACHED**** a. What annual premium would you pay for a $200,000, 5-year term life insurance policy? Annual premium b. What is the cash value after 3 years? Cash value1.PLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULASA person substitutes a total insurance policy of $300,000.00 for an annuity, with the condition that it will be paid to him or his heirs for 25 years. If the insurance company operates at 7¼% interest, find the value of the annuity, the amount of total interest, and the effective rate. Note:In the image, this is the original exercise, it is in Spanish, but it is easy to understand. Very important Note:It is necessary that you make a solution approach and then the result. Above all, to check the procedure and/or the formulas used, especially when you use excel.