Question

Teresa is 25 years old, and she makes $30,000 per year. If Teresa were to die,

how much would the beneficiaries of her life insurance policy receive if they

can get by on 75% of her income?

Answer 1

Answer:225,000

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Answer 2

They would receive $22,500 which is 75% of her income

Explanation:

Here, we want to know how much the beneficiaries of a life insurance scheme would receive if their principal die.

From the question, we are told that they have the right to claim 75% of her income

From the question also, we were told that what she earns per annum is $30,000

Now, since they have the right to claim 75%, the amount they can claim out of the said income will be;

75/100 * $30,000 = $22,500