For a fully discrete 20-year term insurance of 100,000 on (35), you are given: i. Annual gross premiums are 200 ii. q53 = 0.006 and q54 = 0.007 iii. i = 0.05 iv. Annual expenses are 5% of premium plus 25, paid at the beginning of the year v. Settlement expenses are 100 Calculate the gross premium reserve at the end of year 18. Calculate the gross premium reserve at the end of уear 18. Answer: 882.5422
For a fully discrete 20-year term insurance of 100,000 on (35), you are given: i. Annual gross premiums are 200 ii. q53 = 0.006 and q54 = 0.007 iii. i = 0.05 iv. Annual expenses are 5% of premium plus 25, paid at the beginning of the year v. Settlement expenses are 100 Calculate the gross premium reserve at the end of year 18. Calculate the gross premium reserve at the end of уear 18. Answer: 882.5422
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
(please solve it fast i will give thumbs up)
Transcribed Image Text:For a fully discrete 20-year term insurance of
100,000 on (35), you are given:
i. Annual gross premiums are 200
ii. q53 = 0.006 and q54 = 0.007
iii. i = 0.05
iv. Annual expenses are 5% of premium plus 25, paid
at the beginning of the year
v. Settlement expenses are 100
Calculate the gross premium reserve at the end of
year 18.
Calculate the gross premium reserve at the end of
уear 18.
Answer: 882.5422
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 6 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education