50.4k views
0 votes
The following table gives annual life insurance premiums per $1,000 of face value. Use the table to determine the annual premium for a $110,000 5-year term policy for a 22-year-old female. Round your answer to the nearest cent.

1 Answer

4 votes

Answer: $244.20

Explanation:

The amounts listed are per $1,000 of coverage so if the coverage is $110,000, first find the number of $1,000 coverages this entails:

= 110,000 / 1,000

= 110

Then multiply this by the cost per $1,000 for a 22 year old female for a 5 year policy:

= 110 * 2.22

= $244.20

The following table gives annual life insurance premiums per $1,000 of face value-example-1
User CamelD
by
8.4k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories