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- Give typing answer with explanation and conclusion With this type of cash value life insurance policy, the mortality charges for each year, the administrative charges, and the interest rate that you will receive are all set at the time that the policy is written: A. Whole life B. Universal life C. Variable life D. Variable universal lifeDoc White gave you a rough "rule of thumb" for determining your life insurance needs, based on your annual salary Assume that Pete has an annual salary of $80,000. What is the rough range of life insurance coverage that Pete should have according to this rule? A. $400,000 to $800,000 OB. $400,000 to $480,000 OC. $160,000 to $480,000 OD. $160,000 to $800,000Suppose a life insurance company sells a $230,000 one-year term life insurance policy to a 24-year-old female for $240. The probability that the female survives the year is 0.999514. Compute and interpret the expected value of this policy to the insurance company. The expected value is $ (Round to two decimal places as needed.)
- You have a gross annual income of $62,500. Use the multiple of income method to determine the minimum amount of life insurance you should carry. Answer is complete but not entirely correct. Minimum insurance need $ 437,500 x2. Al Qatryah Insurance Company SAOG in Oman has offered a wide selection of Life & General Insurance Products to satisfy its customers. The company provided the following information about a policy. It shows that the premium payment depends on many variables such as age, gender, face value of policy and frequency of premium payment. Straight-Life Female 10-Year Fixed Rate 20-Year Fixed Rate Female 1.17 1.23 1.41 2.33 Male Male Female Male Age 20 1.21 1.82 1.76 2.72 3.49 4.02 2.63 30 1.27 1.91 1.85 3.38 2.13 3.51 6.88 40 1.46 2.20 3.88 50 2.41 4.72 5.18 5.01 7.93 3.63 60 4.56 7.11 8.21 Percent of Annual Period Semiannually Quarterly Monthly Premium 51.00 26.00 8.75 Questions i) Assume you are a 20-year-old female and want to buy OMR 110,000face value scheme, what is the annual premium using a 20-year fixed rate scheme? ii) Assume your father who is 40 years old wants to buy OMR 110,000face value policy. He wants to pay premium semi-annually. How much will be the premium using 20- year…Suppose a life insurance company sells a $250,000 one-year term life insurance policy to a 24-year-old female for $360. The probability that the female survives the year is 0.999477. Compute and interpret the expected value of this policy to the insurance company. The expected value is $ (Round to two decimal places as needed.) Which of the following interpretation of the expected value is correct? O A. The insurance company expects to make an average profit of $32.71 on every 24-year-old female it insures for 1 month. O B. The insurance company expects to make an average profit of $359.81 on every 24-year-old female it insures for 1 year. O C. The insurance company expects to make an average profit of $20.84 on every 24-year-old female it insures for 1 month. O D. The insurance company expects to make an average profit of $229.25 on every 24-year-old female it insures for 1 year.
- Suppose a company offers a standard insurance contract with a premium (r) of $1,000 and a payout (q) of $10,000. Suppose that Eleanor earns a healthy state income of $30,000, a sick state income of $20,000, and has a 5% chance of becoming ill. From this information, you can determine that the expected profit for the insurance company is likely: O positive O equal to zero O negativeFind the following: (Round your answer to the nearest cent.) Face Value Age and Sex of Insured Type of Insurance Annual Premium $26,000 37F Straight LifeUsing Table 19-1 and Table 19-2, calculate the annual, semiannual, quarterly, and monthly premiums (in $) for the life insurance policy. Round your answers to the nearest cent. Face Valueof Policy Sex and Ageof Insured Type of Policy AnnualPremium SemiannualPremium QuarterlyPremium MonthlyPremium $70,000 male—40 whole life $ $ $ $
- You are the wage earner in a "typical family," with $28,000 gross annual income. Use the easy method to determine how much life insurance you should carry. (Do not round intermediate calculations.) Life insurance needYou have a policy with a $1,000 deductible, 80/20 co-insurance, and a $7,500 maximum OOP. You become ill and are hospitalized for two days. The total cost for your treatment is $26,000. Answer the following questions. How much will you pay of the deductible? How much will you pay in co-insurance? What is the total OOP you will pay for this hospital visit? During the same policy year, you have an additional medical expense of $3,500. How much will you pay? What is your total OOP for the year-to-date? Later in the same policy year, you have a $5,000 charge for tests required after your previous hospital stay. How much will you payInsurance underwriting relies heavily on statistics to determine the amount of insurance premium to charge. The probability that a 25-year-old female will live another year is 0.99786 based on data from the national registry agency. Calculate the insurance premium an insurance company would charge to break even on a 1 year $0.5million term-life insurance policy?
