7) CALCULATE LIFE INSURANCE COVERAGE IN THE AMOUNT OF THE PREMIUM IS $0.22 PER $1000 PER MONTHSALARY INSURANCE COVERAGE PAYROLL PREMIUM DEDUCTION PER PAY PREMIUM DEDUCTION PER YEARDAN $50,000.00 2 X SALARY BI WEEKLYSARAH $60,000.00 3X SALARY WEEKLYJESSICA $45,000.00 1.5 X SALARY SEMI MONTHLYADAM $75,000.00 4 X SALARY MONTHLY

First, we need to calculate the life insurance coverage for each person. This is done by multiplying…

Answered: 7) CALCULATE LIFE INSURANCE COVERAGE IN…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate the annual premium for the following policy. (Use Table 20.1.) Amount of coverage (face value of policy) 200,000 Age and sex of insured 42 M Type of insurance policy 20-payment life Annual premium
What is the annual insurance expense considering the following costs: Semiannual car insurance premium of $400 Monthly health insurance premium of $150 Annual renter's insurance premium of $120 Quarterly life insurance premium of $50
Using Table 19-1 and Table 19-2 find the following premiums for a 10-year term life insurance policy with a face value of $30,000 for a 28-year-old male. A. Annual premium B. Semiannual premium C. Quarterly premium D. Monthly premium Life Insurance—Premium FactorsPremium Paid Percent of Annual PremiumSemiannually 52%Quarterly 26%Monthly 9%
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Using Table 19-1 and Table 19-2, calculate the annual, semiannual, quarterly, and monthly premiums (in $) for the life insurance policy. Round your answers to the nearest cent. Face Valueof Policy Sex and Ageof Insured Type of Policy AnnualPremium SemiannualPremium QuarterlyPremium MonthlyPremium $70,000 male—40 whole life $ $ $ $
7. A net premium of $41 payable for life will provide (x) with either $5,000 n-year term insurance followed by $1,000 whole life insurance after age x + n, or $3,000 n-year term insurance followed by $2,000 whole life insurance after age x + n. What is 1000 · Px ? A) 17.37 B) 17.47 C) 17.57 D) 17.67 E) 17.77
Insurance Premiums, An Insurance company has a simplified method for determining the annual premium for a turn life insurance policy. A flat annual fee of $150 is charged for all policies plus $2.50 for each thousand dollars of the amount of the policy. For example, a $20,000 policy would cost $150 for the fixed fee plus $50, which corresponds to the face value of the policy. If p equals the annual premium in dollars and x equals the face value of the policy (stated in thousands of dollars), determine the function which can be used to compute annual premiums. Please answer very soon
Calculate the annual, semiannual, quarterly, and monthly premium for the following life insurance policy. Use Tables 19-1 and 19-2. Face Value of Sex and Age of Insured Type of Policy Policy $ 100,000 Female 29 5-Year Term Annual Semiannual Quarterl Monthly Premiu Premium y Premiu
Don't copy otherwise will report. A life insurance company will sell a 17-year annuity paying $1,200 at the end of each month for $110,000. What quarterly compounded nominal rate of interest with the annuitant earn?
Calculate the annual premium for the following policy. (Use Table 20.1.) Amount of coverage (face value of policy) Age and sex of insured Type of insurance policy Annual premium $200,000 42 (M) 20-payment life
TABLE 20.1 Life insurance rates for males (for females, subtract 3 years from the age. Non-binary individuals currently need to apply as male or female.)² Five-year term Straight life Twenty- payment life 8.28 Twenty-year endowment 1.85 13.85 1.85 8.61 14.35 1.85 8.91 14.92 1.85 9.23 15.54 1.85 9.56 16.05 1.85 9.91 17.55 1.85 10.29 17.66 1.86 10.70 18.33 11.12 19.12 11.58 20.00 12.05 20.90 12.57 21.88 13.10 22.89 13.67 23.98 14.28 25.13 14.92 26.35 15.60 27.64 16.30 28.97 17.04 30.38 17.81 31.84 18.61 33.36 19.44 34.94 36.59 20.31 21.21 38.29 22.15 40.09 Age 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 2The life insurance tables in this chapter show premiums for a sampling of age groups, options, and coverage available to those under 45 years of age. Age 20 21 287285888 23 24 26 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 1.86 1.87 1.87 1.87 1.88 1.95 2.08 2.23 2.44 2.67 2.95 3.24 3.52 3.79 4.04 4.26 4.50 Age 20 21 22 23 24 25 26 27 28 29 30 31 32 33…
For a fully discrete whole life insurance of 100,000 on (45): (i) whole life annuity on 45, a45 = 14.85 (ii)i= 0.06 Calculate the annual net premium.

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