Simon Templeton takes out $30,000 of a ten-year term life insurance when he is forty-five years old.
annual premium?
quarterly premium?
10 years term=11.16
annual premium
11.16/4=2.79 quarterly premium
To calculate the annual premium for Simon Templeton's ten-year term life insurance, we need to know the premium rate. Unfortunately, this information is not provided in the question. The premium rate will depend on various factors like Simon's health, lifestyle, and the insurance company's policy.
Similarly, to calculate the quarterly premium, we also need the premium rate. However, we can provide an example calculation based on a hypothetical premium rate.
Let's assume the premium rate is 1% of the coverage amount annually. In this case, Simon Templeton's coverage amount is $30,000. So, the annual premium would be:
Annual Premium = Coverage Amount x Premium Rate
Annual Premium = $30,000 x 0.01 = $300
To calculate the quarterly premium, we divide the annual premium by 4 (since there are 4 quarters in a year):
Quarterly Premium = Annual Premium / 4
Quarterly Premium = $300 / 4 = $75
Please note that these calculations are based on a hypothetical premium rate. The actual premium can only be obtained from the insurance company.
To calculate the annual premium for Simon Templeton's ten-year term life insurance, we need to know the term life insurance rate per $1,000 of coverage and the total coverage amount. Unfortunately, these values are not provided in the question. However, you mentioned a calculation result of "10 years term=11.16".
It seems like this could be a mistake or missing information, as it is not clear how "10 years term=11.16" relates to the annual premium. The term "10 years term" doesn't provide enough information to determine the premium.
To calculate the premium, you would typically need to know the rate per $1,000 of coverage (usually provided by an insurance company) and multiply it by the total amount of coverage, which in this case is $30,000.
With that said, without additional information, it is not possible to accurately determine the annual premium or the quarterly premium. I recommend checking your information source or contacting an insurance provider for the correct rate and calculating the premium using the formula mentioned above.