Find the Indicated Premium

question 16

Multiple Choice

Find the indicated premium. Round to the nearest cent.
-SLM Instruments wants to protect itself in case of the death of its founder and head. It buys a premium term policy on the executive with a face value of $115,000. She is 35 years old. Find the quarterly premium.

• A)$117.89
• B)$56.51
• C)$60.10
• D)$19.74

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Definitions:

Parol Evidence

Refers to verbal evidence, as opposed to written, that is not included in a contract's written version, which is typically not admissible to contradict the terms of a finalized written agreement.

Completely Integrated

Referring to a system or process where all components or stages are fully incorporated and seamlessly work together.

Orally Agrees

A verbal agreement where the parties involved have consented to terms through spoken communication, as opposed to written contracts.

Enforce

To compel observance of or obedience to laws, rules, regulations, or agreements.