How to find how much pay each fortnight when insured amount is known but not the annual premium
To calculate the amount of insurance premium that needs to be paid each fortnight when the insured amount is known but the annual premium is not, follow these steps:
1. Determine the annual premium: Contact your insurance provider or refer to your policy documents to find out the annual premium for the insurance coverage you have selected.
2. Divide the annual premium by the number of fortnights in a year: Since there are 26 fortnights in a year (52 weeks in a year, divided by 2), divide the annual premium by 26 to determine the amount that needs to be paid each fortnight.
3. Calculate the payment amount each fortnight: Divide the annual premium by 26 to find out how much you need to pay each fortnight to maintain the insurance coverage.
For example, if the annual premium is $1,300, the fortnightly payment would be $1,300 / 26 = $50. Therefore, you would need to pay $50 every fortnight to maintain your insurance coverage.