Question

Will C. Lowe wishes to purchase an ordinary whole life insurance policy with a face value of $50,000. What will his annual premium be, if his age for insurance purposes is fifty-one?

Answer 1

Hi there

Since 34.55 per 1000
So number of thousands on 50000
50,000÷1,000
=50
his annual premium be
50×34.55
=1,727.5

Hope it helps

Answer 2

Annual premium will be $1727.5

Explanation:

Since the age of Will C. Lowe for insurance purposes is 51, Therefore he has to pay $34.55 per $1000

Therefore If Will C. Lowe wishes to purchase an ordinary whole life insurance policy with a face value of $50,000 than his annual premium can be determined as follows

=
`(50000* 34.55)/(1000)\\ 50* 34.55`

Annual premium=$1727.5