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7 October, 06:12

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.

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  1. 7 October, 10:08
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    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
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