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HELP!!!! 50 PTS!!!!!!

Find the premium of $30,000 worth of ordinary whole life insurance for a fifty-year-old man.

annual $
semiannual $
quarterly $
monthly $

User KrOoze
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1 Answer

1 vote

Answer:

Please take a look at the explanation.

Explanation:

The premium for a whole life insurance policy depends on several factors such as the age, gender, health, and other risk factors of the insured person. In this case, we are given that the insured person is a fifty-year-old man, but we don't have any information about his health or other risk factors. Therefore, we cannot calculate the premium with this limited information.

However, we can provide a general idea of what the premium might be based on some assumptions. According to industry estimates, the annual premium for a $30,000 whole life insurance policy for a healthy fifty-year-old man can range from around $600 to $1,200. This estimate can vary based on the insurance company, the location, and other factors.

To calculate the premium for other payment frequencies, we can use the following formulas:

Semiannual premium = Annual premium x 0.51

Quarterly premium = Annual premium x 0.26

Monthly premium = Annual premium x 0.0875

Using the lower end of the estimated annual premium range ($600), we get:

Semiannual premium = $600 x 0.51 = $306

Quarterly premium = $600 x 0.26 = $156

Monthly premium = $600 x 0.0875 = $52.50

Using the higher end of the estimated annual premium range ($1,200), we get:

Semiannual premium = $1,200 x 0.51 = $612

Quarterly premium = $1,200 x 0.26 = $312

Monthly premium = $1,200 x 0.0875 = $105

Note that these are only rough estimates and the actual premium may be higher or lower depending on the specific circumstances of the insured person and the insurance policy. It's important to get a personalized quote from an insurance company to get an accurate premium.

User Finickyflame
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