Calculate the annual premium for the following policy. (Use Table 20.1.) (for females subtract 3 years from the table.) Note: Round your answer to the nearest cent. Amount of coverage (face value of policy) $ 195,000 Age and sex of insured 37 M Type of insurance policy 20-payment life Annual premium
Calculate the annual premium for the following policy. (Use Table 20.1.) (for females subtract 3 years from the table.) Note: Round your answer to the nearest cent. Amount of coverage (face value of policy) $ 195,000 Age and sex of insured 37 M Type of insurance policy 20-payment life Annual premium
PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN:9781337117005
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter10: Protecting Your Property
Section: Chapter Questions
Problem 1FPE
Related questions
Question
![TABLE 20.1
Life insurance rates for males (for females, subtract 3 years from the age. Non-binary individuals currently need to apply as male or female.)²
Five-year
term
Straight
life
Twenty-
payment life
8.28
Twenty-year
endowment
1.85
13.85
1.85
8.61
14.35
1.85
8.91
14.92
1.85
9.23
15.54
1.85
9.56
16.05
1.85
9.91
17.55
1.85
10.29
17.66
1.86
10.70
18.33
11.12
19.12
11.58
20.00
12.05
20.90
12.57
21.88
13.10
22.89
13.67
23.98
14.28
25.13
14.92
26.35
15.60
27.64
16.30
28.97
17.04
30.38
17.81
31.84
18.61
33.36
19.44
34.94
36.59
20.31
21.21
38.29
22.15
40.09
Age
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
2The life insurance tables in this chapter show premiums for a sampling of age groups, options, and coverage available to those under 45 years of age.
Age
20
21
287285888
23
24
26
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
1.86
1.87
1.87
1.87
1.88
1.95
2.08
2.23
2.44
2.67
2.95
3.24
3.52
3.79
4.04
4.26
4.50
Age
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
5.90
6.13
6.35
6.60
6.85
7.13
7.43
7.75
8.08
8.46
8.85
9.27
9.71
10.20
10.71
11.26
11.84
12.46
13.12
13.81
14.54
15.30
16.11
16.96
17.86
Age
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52ef247d-15fe-4d4f-8ef0-cbdc99261781%2F59b75b23-1d4d-4d84-8f43-6d1d679819ca%2F6khype_processed.png&w=3840&q=75)
Transcribed Image Text:TABLE 20.1
Life insurance rates for males (for females, subtract 3 years from the age. Non-binary individuals currently need to apply as male or female.)²
Five-year
term
Straight
life
Twenty-
payment life
8.28
Twenty-year
endowment
1.85
13.85
1.85
8.61
14.35
1.85
8.91
14.92
1.85
9.23
15.54
1.85
9.56
16.05
1.85
9.91
17.55
1.85
10.29
17.66
1.86
10.70
18.33
11.12
19.12
11.58
20.00
12.05
20.90
12.57
21.88
13.10
22.89
13.67
23.98
14.28
25.13
14.92
26.35
15.60
27.64
16.30
28.97
17.04
30.38
17.81
31.84
18.61
33.36
19.44
34.94
36.59
20.31
21.21
38.29
22.15
40.09
Age
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
2The life insurance tables in this chapter show premiums for a sampling of age groups, options, and coverage available to those under 45 years of age.
Age
20
21
287285888
23
24
26
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
1.86
1.87
1.87
1.87
1.88
1.95
2.08
2.23
2.44
2.67
2.95
3.24
3.52
3.79
4.04
4.26
4.50
Age
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
5.90
6.13
6.35
6.60
6.85
7.13
7.43
7.75
8.08
8.46
8.85
9.27
9.71
10.20
10.71
11.26
11.84
12.46
13.12
13.81
14.54
15.30
16.11
16.96
17.86
Age
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
![Calculate the annual premium for the following policy. (Use Table 20.1.) (for females subtract 3 years from the table.)
Note: Round your answer to the nearest cent.
Amount of coverage
(face value of policy)
195,000
Age and sex of insured
37 M
Type of insurance policy Annual premium
20-payment life](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52ef247d-15fe-4d4f-8ef0-cbdc99261781%2F59b75b23-1d4d-4d84-8f43-6d1d679819ca%2Fevugy23_processed.png&w=3840&q=75)
Transcribed Image Text:Calculate the annual premium for the following policy. (Use Table 20.1.) (for females subtract 3 years from the table.)
Note: Round your answer to the nearest cent.
Amount of coverage
(face value of policy)
195,000
Age and sex of insured
37 M
Type of insurance policy Annual premium
20-payment life
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