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If Richard Henry takes out $25,000 of ordinary whole life when he is forty-three years old is: A. Annual premium.
Annual premium can be defined as the premium amount a person pay per year, yearly or annually.
Based on the scenario the whole life is an example of long term insurance.
Reason been that annual premium are often used for long term insurance in which the policy holder is expected to stop paying the premium when he/she reach a certain age that is stated on the policy terms and condition.
Therefore If Richard Henry takes out $25,000 of ordinary whole life when he is forty-three years old is: A. Annual premium.
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Answer:
618.25-annual 309.13-semiannual
Step-by-step explanation:
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