Math Solutions

(See Solution) Someone who has just reached their 55th birthday wants 10 Par. chase a one-year term life insurance policy that would pay $50,000 in the

Question: Someone who has just reached their 55th birthday wants 10 Par. chase a one-year term life insurance policy that would pay $50,000 in the event of death before age 56. What is the minimum amount that an insurance company must charge for this policy? Use Table 13-1 and assume that this minimum amount would result in no gain or loss for an insurance company issuing many policies under the same circumstances.

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