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John Johnson is forty-seven. He is purchasing twenty-year endowment insurance, with a face value of $20,000. What is his annual premium? 751.00 772.00 933.00 939.80

User Mshnik
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2 Answers

3 votes

Answer:

939.80

Explanation:

User Zenofsahil
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6 votes
The answer is Letter D - 939.80.

You can refer to the attachment for the rate. Since he is forty-seven years old, use that age to find his rate under a twenty-year endowment insurance. In this case, the rate is 46.99. Multiply that rate to 20 since he purchased a 20-year endowment insurance with a face value of $20,000. (20,000/1,000 = 20)

46.99 x 20 = 939.80
John Johnson is forty-seven. He is purchasing twenty-year endowment insurance, with-example-1
User Harryz
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