The following table shows the average life expectancies in several countries. Assume that all premiums you calculate are based on end-of-month deposits in a fund yielding 4.8% annual interest compounded monthly to be paid out when a person reaches the lifeexpectancy. HINT [See Example 2.]Country Japan Canada U.K. U.S. Mexico China IndiaLife$Expectancy: 81MaleLifeExpectancy:Female87808480837681737975807072Calculate the life insurance monthly premium that a 30-year-old female in Japan would pay for a $3,000,000 policy. (Round your answer to the nearest cent.)

Answered: Image /qna-images/answer/1ac3b642-4c9c-4d13-b483-67a7d4d49e22.jpg

The following table shows the average life expectancies in several countries. Assume that all premiums you calculate are based on end-of-month deposits in a fund yielding 4.8 expectancy. HINT [See Example 2.] Country Japan Life Expectancy: Male Life Expectancy: Female 81 87 Canada U.K. 80 84 80 83 U.S. Mexico China 76 81 73 79 75 80 India 70 72 Calculate the life insurance monthly premium that a 30-year-old female in Japan would pay for a $3,000,000 policy. (Round your answer to the nearest cent.)

The following table shows the average life expectancies in several countries. Assume that all premiums you calculate are based on end-of-month deposits in a fund yielding 4.8 expectancy. HINT [See Example 2.] Country Japan Life Expectancy: Male Life Expectancy: Female 81 87 Canada U.K. 80 84 80 83 U.S. Mexico China 76 81 73 79 75 80 India 70 72 Calculate the life insurance monthly premium that a 30-year-old female in Japan would pay for a $3,000,000 policy. (Round your answer to the nearest cent.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Why is the intensity of care higher in the United States?
1.what do you understand by the term health insurance? 2.describe the different types of health insurance 3. Discuss factors that would make community based health insurance and private insurance successful.
improvement in technology usually result in lower cost of production or new and improved consumer goods and services .Assume that an improvement in medical technolgy result in an increase in life expectancy for people 65 years and older . How would this technolgical advance be likely to affect expenditure on health care?
An individual has 40,000 in income per year. The person will get sick with probability 0.1. If he does get sick, the medical bills will total 30,000. The following tables shows the utility derived from certain amounts of income: Income Utility40,000 20037,000 19535,000 19030,000 17020,000 14010,000 100Considering the probability of illness, what is the expected utility of income without insurance? Show your work.
LA O Marginal Cost Marginal Benefit Q₂ Q₁ Quantity Refer to the diagram. Economists would argue that health care should be provided to patients in some amount less than Q 1. amount Q 2. amount Q 1. some amount between Q 1 and Q 2.
_____ is when everyone in a country is covered by insurance that is run and administered by the government. This strategy is effective at combatting _____. a. Means tested health insurance; adverse selection b. Universal public health insurance; adverse selection c. Universal public health insurance; moral hazard d. Compulsory insurance; moral hazard e. Compulsory insurance; monopoly pricing f. Means tested health insurance; moral hazard
A noted insurance authority has said, “Because the financing of long-term care is inconsistent with insurance principles, it is a problem that does not lend itself to solution through insurance.” In what ways is the financing of long-term care inconsistent with insurance principles? What, in your opinion, is the solution to the problem of financing long-term care?
What is the economic rationale for single payer health insurance? Discuss the economic principles that are most relevant.
Fabian is Canadian. His grandfather recently required chemotherapy, but was frustrated by the long delay in receiving care. Fabian recently found out that his cat will also require chemotherapy. Would Fabian expect there to be a similar delay? Explain.
I need help with all the parts to this question, thank you!
Question 8: Consider two workers, Ralph and Steve. Both of them work for the same employer, and each earns $15 per hour. Steve is taxed at the 15 percent marginal rate. However, Ralph is married, and due to his wife’s income, he is taxed at the 28 percent marginal rate. Using Figure 11.3, indicate which one would be expected to seek more health insurance and why.
1. After the completion of the Associate Degree (first 2 years of college education), you have a chance to move on for further study in a top-up program (last 2 years of college education). How does the completion of the top-up program affect your health stock? Discuss with the help of a MEI diagram.