Calculate the Short-Term Premium and Refund for the Policy Canceled

question 76

Short Answer

Calculate the short-term premium and refund for the policy canceled by the insured. $$\begin{array} { l l l l } \text { Annual } & \text { Canceled } & \text { Short-term } \\\underline{\text { Premium } }& \underline{\text { After } }& \underline { \text { Premium } } & \underline{\text { Refund }} \\\$ 896 & 5 \text { days } & &\end{array}$$

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Definitions:

Demand for Bacon

The desire and willingness of consumers to purchase bacon at various prices.

Quantity Supplied

The amount of a good that producers are willing and able to sell at a given price over a specified period.

Price of Desks

The amount of money required to purchase a desk, determined by factors like supply, demand, and production costs.

Supply

the total amount of a specific good or service that is available to consumers.