Find the Indicated Premium

question 86

Multiple Choice

Find the indicated premium. Round to the nearest cent.
-Find the monthly premium.
Face Value: $30,000
Age of Insured: 30
Sex of Insured: M
Type of Policy: Term

• A)$4.96
• B)$5.15
• C)$54.60
• D)$56.70

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Definitions:

Constrained Resource

A limited resource within a production process that restricts the company's ability to produce more goods or services.

Profitable Use

An application or deployment of resources in a manner that generates financial gain or returns above the initial cost.

Contribution Margin

The amount by which a product's selling price exceeds its total variable costs, contributing to covering fixed costs and generating profit.

Labor Hours

The total hours worked by employees for which they are compensated, often used in calculating labor costs in manufacturing.