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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Similar questions

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%
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
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
A life insurance company issues a 10-year term insurance policyto a life aged 50, with sum insured $100 000. Level premiums are payablemonthly in advance throughout the term. You are given the following premium assumptions. (i) Commission is 20% of each premium payment in the first year (incurredat the premium payment times) and 5% of all premiums after the firstyear. (ii) Additional initial expenses are $100. (iii) Claim expenses are $250. (iv) The sum insured and claim expenses are payable one month after the dateof death. (v) Mortality follows the Standard Select Life Table, with UDD betweeninteger ages.(vi) i = 5%. Calculate the gross monthly premium.
The value of a retirement savings account with an annual contribution of $600 (contributions made at the end of each year, including the last year), and an APR of 5.4% after 40 years is $79,960.27. Find the value of this retirement savings account after 52 years. Round your answer to the nearest cent. OA. $151,304.82 OB. $165,660.72 OC. $160,075.29 OD. $154,695.52 OE. $169,319.35
A death benefit on a life insurance policy can be paid in one of the following three ways: (i) A perpetuity of $250 at the end of each month (ii) $795.70 at the end of each month for n years (iii) One payment of $81,007 at the end of n years If each payment method produces the same present value for the death benefit, what is the present value of the death benefit? A. 48,300 B. 55,600 C. 61,900 D. 69,200 E. 78,500
Find the following: (Round your answer to the nearest cent.) Face Value Age and Sex of Insured Type of Insurance Annual Premium $26,000 37F Straight Life
Calculate the short-rate premium and refund of the following: (Use Table 20.4.) ****TABLE ATTACHED**** Annual premium Canceled after Short-rate premium Refund $360 4 months by insurance company
An insurance policy pays $50,000 immediately or $4,000 every 6 months for 10 years beginning now. What interest rate / is being used? You are given: a 19/06 11.1581 a- 11.24% 10.59% 9.93% 11.77% 19 055 11.6077 a- = 12.4622 20/05 201045 = 13.0079

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