Calculate the Value of the Nonforfeiture Options for the Following

question 83

Short Answer

Calculate the value of the nonforfeiture options for the following life insurance policy issued to a female at age 20. $$\begin{array} { l l l l l l l } \text { Face Value } & \text { Years in } & \text { Type of } & \text { Cash } & \text { Paid-up } & \text { Extended } & \text { Term } \\\underline{\text { of Policy }} & \underline{\text { Force }} &\underline{ \text { Policy} } &\underline{ \text { Value }} & \underline{\text { Ins. } }& \underline{\text { Years }} & \underline{\text { Day }} \\\$ \$ 60,000 & 7 & \text { Whole } & & & &\\&&\text { Life }&&&&\end{array}$$

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Definitions:

Will to Live

A concept describing a fundamental, inherent force or desire driving individuals to continue living and pursuing survival despite adversities.

Anthropomorphic

The attribution of human traits, emotions, or intentions to non-human entities, such as animals or deities.

Western Conceptions

Ideas, philosophies, and understandings that have their origins or are primarily developed and accepted in the Western world, encompassing views on society, ethics, governance, and more.

Karl Marx

A 19th-century philosopher, economist, and revolutionary socialist known for his critique of capitalism and development of historical materialism.