Business Math (11th Edition)
11th Edition
ISBN: 9780134496436
Author: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
Publisher: PEARSON
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Chapter 19, Problem 1ES
To determine
To calculate: The annual premium for a female aged 55 with universal life policy and the face value $300,000.
Expert Solution & Answer
Answer to Problem 1ES
Solution:
The annual premiumfor a female aged 55 is $5679.
Explanation of Solution
Given Information:
The females with age 55years having universal life policy and with face value $300,000 having PREF rate classification.
TABLE 19-1 Estimated Annual Life Insurance Premium Rates per $1000 of Face Value is referred.
Formula used:
The annual premium is calculated as:
Calculation:
The age of the female is 55years with universal life policy and PREF rate classification.
The face value is $300,000.
Use the formula given to find the annual premium.
From the TABLE19-1for the universal life policy and PREF, the rate at age 55 is 18.93%.
Therefore, the annual premium will be:
Hence, the annual premium is $5679.
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Chapter 19 Solutions
Business Math (11th Edition)
Ch. 19.1 - Prob. 1-1SCCh. 19.1 - Prob. 1-2SCCh. 19.1 - Prob. 1-3SCCh. 19.1 - Prob. 1-4SCCh. 19.1 - Prob. 2-1SCCh. 19.1 - Prob. 2-2SCCh. 19.1 - Prob. 2-3SCCh. 19.1 - Prob. 2-4SCCh. 19.1 - Prob. 1SECh. 19.1 - Prob. 2SE
Ch. 19.1 - Prob. 3SECh. 19.1 - Prob. 4SECh. 19.1 - Prob. 5SECh. 19.1 - Prob. 6SECh. 19.1 - Prob. 7SECh. 19.1 - Prob. 8SECh. 19.1 - Prob. 9SECh. 19.1 - Prob. 10SECh. 19.2 - Prob. 1-1SCCh. 19.2 - Prob. 1-2SCCh. 19.2 - Prob. 1-3SCCh. 19.2 - Prob. 1-4SCCh. 19.2 - Prob. 2-1SCCh. 19.2 - Prob. 2-2SCCh. 19.2 - Prob. 2-3SCCh. 19.2 - Prob. 2-4SCCh. 19.2 - Prob. 3-1SCCh. 19.2 - Prob. 3-2SCCh. 19.2 - Prob. 3-3SCCh. 19.2 - Prob. 3-4SCCh. 19.2 - Prob. 1SECh. 19.2 - Prob. 2SECh. 19.2 - Prob. 3SECh. 19.2 - Prob. 4SECh. 19.2 - Prob. 5SECh. 19.2 - Prob. 6SECh. 19.2 - Prob. 7SECh. 19.2 - Prob. 8SECh. 19.2 - Prob. 9SECh. 19.2 - Prob. 10SECh. 19.2 - Prob. 11SECh. 19.2 - Prob. 12SECh. 19.2 - Prob. 13SECh. 19.2 - Prob. 14SECh. 19.2 - Prob. 15SECh. 19.3 - Prob. 1-1SCCh. 19.3 - Prob. 1-2SCCh. 19.3 - Prob. 1-3SCCh. 19.3 - Prob. 1-4SCCh. 19.3 - Prob. 1-5SCCh. 19.3 - Prob. 1-6SCCh. 19.3 - Prob. 1SECh. 19.3 - Prob. 2SECh. 19.3 - Prob. 3SECh. 19.3 - Prob. 4SECh. 19.3 - Prob. 5SECh. 19.3 - Prob. 6SECh. 19.3 - Prob. 7SECh. 19.3 - Prob. 8SECh. 19.3 - Prob. 9SECh. 19.3 - Prob. 10SECh. 19.3 - Prob. 11SECh. 19.3 - Prob. 12SECh. 19.3 - Prob. 13SECh. 19.3 - Prob. 14SECh. 19 - Prob. 1ESCh. 19 - Prob. 2ESCh. 19 - Prob. 3ESCh. 19 - Prob. 4ESCh. 19 - Prob. 5ESCh. 19 - Prob. 6ESCh. 19 - Prob. 7ESCh. 19 - Prob. 8ESCh. 19 - Prob. 9ESCh. 19 - Prob. 10ESCh. 19 - Prob. 11ESCh. 19 - Prob. 12ESCh. 19 - Prob. 13ESCh. 19 - Prob. 14ESCh. 19 - Prob. 15ESCh. 19 - Prob. 16ESCh. 19 - Prob. 17ESCh. 19 - Prob. 18ESCh. 19 - Prob. 19ESCh. 19 - Prob. 20ESCh. 19 - Prob. 21ESCh. 19 - Prob. 22ESCh. 19 - Prob. 23ESCh. 19 - Prob. 24ESCh. 19 - Prob. 25ESCh. 19 - Prob. 26ESCh. 19 - Prob. 27ESCh. 19 - Prob. 28ESCh. 19 - Prob. 29ESCh. 19 - Prob. 30ESCh. 19 - Prob. 31ESCh. 19 - Prob. 32ESCh. 19 - Prob. 33ESCh. 19 - Prob. 34ESCh. 19 - Prob. 35ESCh. 19 - Prob. 36ESCh. 19 - Prob. 37ESCh. 19 - Prob. 38ESCh. 19 - Prob. 39ESCh. 19 - Prob. 40ESCh. 19 - Prob. 41ESCh. 19 - Prob. 42ESCh. 19 - Prob. 43ESCh. 19 - Prob. 44ESCh. 19 - Prob. 45ESCh. 19 - Prob. 46ESCh. 19 - Prob. 1PTCh. 19 - Prob. 2PTCh. 19 - Prob. 3PTCh. 19 - Prob. 4PTCh. 19 - Prob. 5PTCh. 19 - Prob. 6PTCh. 19 - Prob. 7PTCh. 19 - Prob. 8PTCh. 19 - Prob. 9PTCh. 19 - Prob. 10PTCh. 19 - Prob. 11PTCh. 19 - Prob. 12PTCh. 19 - Prob. 13PTCh. 19 - Prob. 14PTCh. 19 - Prob. 15PTCh. 19 - Prob. 16PTCh. 19 - Prob. 17PTCh. 19 - Prob. 18PTCh. 19 - Prob. 19PTCh. 19 - Prob. 20PTCh. 19 - Prob. 1CTCh. 19 - Prob. 2CTCh. 19 - Prob. 3CTCh. 19 - Prob. 4CTCh. 19 - Prob. 5CTCh. 19 - Prob. 6CTCh. 19 - Prob. 7CTCh. 19 - Prob. 8CTCh. 19 - Prob. 1CPCh. 19 - Prob. 2CPCh. 19 - Prob. 1CS1Ch. 19 - Prob. 2CS1Ch. 19 - Prob. 3CS1Ch. 19 - Prob. 4CS1Ch. 19 - Prob. 5CS1Ch. 19 - Prob. 1CS2Ch. 19 - Prob. 2CS2Ch. 19 - Prob. 3CS2Ch. 19 - Prob. 4CS2
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