The Acorn Insurance Company charges $3.50 for each unit of coverage under a block of 1-year term life insurance policies. The annual premium

Question

The Acorn Insurance Company charges $3.50 for each unit of coverage under a block of 1-year term life insurance policies. The annual premium amount for a $50,000 policy in this block would be equal to ____.

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Xavia 3 weeks 2021-09-02T09:08:49+00:00 1 Answers 0 views 0

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    2021-09-02T09:10:25+00:00

    Answer:

    $175

    Explanation:

    Insurance premium is expressed as a rate $1000

    ($3.50 per $1000)

    Therefore;

    Annual premium= $50000x$3.50/$1000

    = $175

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