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Earl Miller insured his pizza shop for $150,000 for fire insurance at an annual rate per $100 of $0.66. At the end of 6 months, Earl canceled the policy since his pizza shop went out of business. (Use Table 20.4.) What was the cost of Earl's short-rate premium and his refund? Note: Round your answers to the nearest cent. Short-Rate Premium Refund Cost

Earl Miller insured his pizza shop for $150,000 for fire insurance at an annual rate per $100 of $0.66. At the end of 6 months, Earl canceled the policy since his pizza shop went out of business. (Use Table 20.4.) What was the cost of Earl's short-rate premium and his refund? Note: Round your answers to the nearest cent. Short-Rate Premium Refund Cost

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Earl Miller insured his pizza shop for $150,000 for fire insurance at an annual rate per $100 of $0.66. At the end of 6 months, Earl canceled the policy since his pizza shop went out of business. (Use Table 20.4.) What was the cost of Earl's short-rate premium and his refund? Note: Round your answers to the nearest cent. Short-Rate Premium Refund Cost
Transcribed Image Text:Earl Miller insured his pizza shop for $150,000 for fire insurance at an annual rate per $100 of $0.66. At the end of 6 months, Earl canceled the policy since his pizza shop went out of business. (Use Table 20.4.) What was the cost of Earl's short-rate premium and his refund? Note: Round your answers to the nearest cent. Short-Rate Premium Refund Cost
TABLE 20.4 Fire insurance short-rate and cancellation table Time policy is in Percent of annual rate Time policy is in Percent of annual rate force to be charged force to be charged 8% 52% 61 67 74 81 87 96 100 Days: 5 10 20 25 Months: 1 2 3 4 Many companies use Days/365. 10 15 17 19 27 35 44 Months: 5 6 7 8 9 10 11 12
Transcribed Image Text:TABLE 20.4 Fire insurance short-rate and cancellation table Time policy is in Percent of annual rate Time policy is in Percent of annual rate force to be charged force to be charged 8% 52% 61 67 74 81 87 96 100 Days: 5 10 20 25 Months: 1 2 3 4 Many companies use Days/365. 10 15 17 19 27 35 44 Months: 5 6 7 8 9 10 11 12
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