A 35-year-old man is planning to build a life insurance policy for himself. His retirement age...
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A 35-year-old man is planning to build a life insurance policy for himself. His retirement age under this insurance plan is "65". For this plan, he requires "whole life insurance", which begins with $100.000 death benefit and increases by $10.000 for every/each year. Additionally, he also wants a $300,000 "endowment pension" when he gets retired and a $35,000 "whole life annuity" after he retires at age 66. Annual premiums will be paid equally first 10 years. 1. What is the total liability for this life plan? 2. Calculate the annual premiums. 3. Calculate 5th year reserve. 4. Calculate 15th year reserve. 5. Calculate 45th year reserve.S 6. What will be death benefit if he wants to change his plan to whole life insurance at age 75? A 35-year-old man is planning to build a life insurance policy for himself. His retirement age under this insurance plan is "65". For this plan, he requires "whole life insurance", which begins with $100.000 death benefit and increases by $10.000 for every/each year. Additionally, he also wants a $300,000 "endowment pension" when he gets retired and a $35,000 "whole life annuity" after he retires at age 66. Annual premiums will be paid equally first 10 years. 1. What is the total liability for this life plan? 2. Calculate the annual premiums. 3. Calculate 5th year reserve. 4. Calculate 15th year reserve. 5. Calculate 45th year reserve.S 6. What will be death benefit if he wants to change his plan to whole life insurance at age 75?
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Answer rating: 100% (QA)
Answer 1 The total liability for this life plan is 1000000 2 The annual premiums for this life plan are 10000 3 The 5th year reserve for this life pla... View the full answer
Related Book For
Business Statistics
ISBN: 978-0321925831
3rd edition
Authors: Norean Sharpe, Richard Veaux, Paul Velleman
Posted Date:
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