The following table gives annual life insurance premiums per $1,000 of face value. Use the table to determine the annual premium for a $75,000 10-year term policy for a 25-year-old male. Round your answer to the nearest cent. A 5-column table with 6 rows titled term insurance. Column 1 is labeled age with entries 20, 21, 22, 23, 24, 25. Column 2 is labeled 5-year term male with entries 2 dollars and 43 cents, 2. 49, 2. 55, 2. 62, 2. 69, 2. 77. Column 3 is labeled 5-year term female with entries 2. 07, 02. 15, 2. 22, 2. 30, 2. 37, 2. 45. Column 4 is labeled 10-year term male with entries 4. 49, 4. 57, 4. 64, 4. 70, 4. 79, 4. 85. Column 5 is labeled 10-year term female with entries 4. 20, 4. 36, 4. 42, 4. 47, 4. 51. A. $363. 75 c. $183. 75 b. $207. 75 d. $338. 25.
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The face value of a 10-year term insurance policy on a 24-year-old male will be $75,000 based on the amount paid per $1,000 of face value.A contract for insurance provides protection from losses resulting from particular calamities or risks on the part of the insurer. It assists in against financial loss for the insured person or their family. The most prevalent types of insurance are life, health, homeowners, and auto.Face value of the insurance policyThe formula use to calculate face amount is= 1,000 x (Annual premium paid / Amount paid for $1,000 of coverage for a male 24 year old for a 10 year insurance)How to solve:= 1,000 x (359.25 / 4.79)= 1,000 x 75= $75,000To learn more about insurance premiumshttps://brainly.com/question/13724529#SPJ4