Answered

Welcome to Westonci.ca, the Q&A platform where your questions are met with detailed answers from experienced experts. Discover in-depth solutions to your questions from a wide range of experts on our user-friendly Q&A platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

What is the annual premium for $75,000, 10 year life insurance policy for a 40 year old male (Put answer to two decimal places)?
Life Insurance Chart
Age at Issue Term Insurance
Male Fem 10 year 20 year Straight Life
20 23 $2.50 $3.80 $12.67
25 28 $3.25 $5.84 $15.66
30 33 $3.82 $7.93 $18.98
35 38 $4.55 $10.33 $22.38
40 43 $5.78 $13.38 $28.77
45 48 $7.53 $17.56 $31.90

Sagot :

RevyBreeze

Answer:

About $437.25

Step-by-step explanation:

Using the table which gives the annual premium per $1000; the premium paid annually by the 40 year old male is $437.23

The total annual premium = $75000

Using the data in the table :

Annual premium per $1000 of coverage for a 40-year old male with a 10 - years life insurance policy = $5.83

The annual premium for $75,000 ;

Premium per $1000 × ($75000/$1000)

Annual premium = $5.83 × ($75,000/1000)

Annual premium = $5.83 × 75 = $437.25

Hence, the annual premium for the lifetime insurance based on the stated conditions is $437.25

We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.