Sunbeam Enterprises paid $12,000 for a 2-year insurance policy on July 1. What is the prepaid insurance balance at the end of the first year? Would you like solutions for any of these questions?
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- If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium, which was paid on July 1, what entry would be needed to adjust the Prepaid Insurance account at the end of December, before preparing the financial statements?If an insurance company sells a 150,000 life insurance policy for 600 premium per year and the probability of living out the year is .9965, what is the expected value to the insurance companyYou are the beneficiary of a life insurance policy. The insurance company informs you that you have two options for receiving the insurance proceeds. You can receive a lump sum of $50,000 today or receive payments of $641 a month for 10 years. You can earn 6.50% on your money. What option should you take and why?
- An engineering firm can pay for its liability insurance on an annual or monthly basis. If paid monthly, the insurance costs $4500. If paid annually, the insurance costs $50,000. What are the monthly rate of return and the nominal and effective interest rates for paying on an annual basis?Live Forever Life Insurance Company is selling a perpetuity contract that pays $2,000 monthly. The contract currently sells for $125,000. a. What is the monthly return on this investment vehicle? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g.. 32.16.) b. What is the APR? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) c. What is the effective annual return? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) a. Monthly return b. APR c. EAR % % % DGodo
- Find the expected net profit of an insurance company on a life-insurance policy whose death benefit is $1,000,000 if the annual premium for the policy is $2000 and the chance of the customer dying within the next year is 0.002. Interpret. (show work)A policyholder wishes to receive $5,000 per month in retirement. They plan to retire at the age of 64, the insurer is guaranteeing a 4% rate of return, and their life expectancy is 86. If they deposit each of the following amounts annually before retiring, at what age do they need to start saving? (A).$10,000 25 years old (technically, 25.60759 years old) (B).$15,000 33 years old (technically, 33.26361 years old) (C).$20,000 38 years old (technically, 38.17201 years old) (D).$25,000 41 years old (technically, 41.64589 years old)Angela read an advertisement for a P50,000 loan. The ad informs the borrower that the company only charges 18% annual interest. If she plans to borrow that amount and repays it at the end of the year, how much is the interest? What is the interest of each month?
- If Carissa has a $178,000 home Insured for $120,000, based on the 80 percent coinsurance provision, how much would the Insurance company pay for a claim of $12,000? Note: Do not round intermediate calculations. Round your answer to 2 decimal places.An insurance company has a simplified method for determining the annual premium for a term 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.An insurance company offers a retirement annuity that pays 100,000 per year for 15 years, gorwing at an "inflation compensator" rate of 3%, and sells for $806,070. What is the interest rate? show your work
