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Simon Simms takes out $10,000 of a twenty-payment life when he is nineteen years old.


annual premium: $_____

quarterly premium: $_____

Sagot :

The annual premium is $500, and quarterly premium is $125 if the Simon Simms takes out $10,000 of a twenty-payment life when he is nineteen years old.

What is premium?

The insured pays a premium to the insurer on a regular basis to cover his risk.

Simon Simms takes out $10,000 of a twenty-payment life when he is nineteen years old.

We can find the annual premium as below:

= 10,000/20  (because twenty-payment life)
= $500

For quarterly premium:

= 500/4

= $125

Thus, the annual premium is $500, and quarterly premium is $125 if the Simon Simms takes out $10,000 of a twenty-payment life when he is nineteen years old.

Learn more about the premium here:

https://brainly.com/question/9834518

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