Determine the term life insurance amount per thousand on a 25-year-old female for a 10-year policy given that the face value of the policy is $75,000 and the annual premium is $338.25.

Question

Corinne

Arts

17 September, 18:34

Determine the term life insurance amount per thousand on a 25-year-old female for a 10-year policy given that the face value of the policy is $75,000 and the annual premium is $338.25.

+4

Answers (1)

Know the Answer?

Leanna · Answer 1

Given:

25-year old female

10-year policy

face value of 75,000

annual premium $338.25

annual premium = number of units purchased * premium per 1,000

number of units purchased = Face value / 1,000 = 75,000 / 1000 = 75

338.25 = 75 * premium per 1,000

premium per 1,000 = 338.25 / 75

premium per 1,000 = 4.51

The term life insurance amount per thousand on a 25-year-old female for a 10-year policy is $4.51