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What is the formula for insurance premium calculation?
The formula for calculating insurance premium uses the DRF and the 6-month basic rate. It is:p = 2rbwhere p is the annual premium, r is the DRF, and b is the 6-month basic rate.
What is the annual premium of Katy's car insurance if the base premium is 250.25 and the rating factor is 2.35 (Round to the nearest cent.)?
To calculate Katy's annual car insurance premium, multiply the base premium by the rating factor: (250.25 \times 2.35 = 587.5875). Rounding this to the nearest cent, the annual premium is $587.59.
Calculate the annual premium for a policy with a base premium of 109.20 when the rating factor is 1.95?
When you're doing simple base premium, just multiply the base premium byt the rating factor. So 109.20 x 1.95, which is 212.94.
What is formula to calculate monthly pay from annual rate?
/ by 12
How many times do you have to pay the premium?
The number of times you need to pay the premium typically depends on the terms of your insurance policy. Most policies require premium payments on a monthly, quarterly, or annual basis. If the policy is canceled or lapses, you may need to pay the premium again to reinstate coverage. Always refer to your specific policy documents for details on payment frequency and requirements.
What is the formula for insurance premium calculation?
The formula for calculating insurance premium uses the DRF and the 6-month basic rate. It is:p = 2rbwhere p is the annual premium, r is the DRF, and b is the 6-month basic rate.
What is the difference between annual premium and installment premium?
The annual premium is paid once a year and the installment premium is usually paid monthly and usually has additional fees added which costs more than the annual premium.
What best describes gross annual premium?
In fact, gross annual premium includes tax element including service tax charged on premium amount.
What is the annual premium if the base premium is 212.15 and the rating factor is 1.65?
$350.05
Which term is defined as the payment an insured makes to the insurance company on a regular schedual?
that is the insurance premium (can be monthly, quarterly, semi-annual or annual premium).
What are some different types of insurance terms?
The different types of insurance terms are "Annual renewable term" and "Level premium term." The Annual renewable term usually has the lowest annual premium to start and the Level renewable term lets you lock in your premium for that period.
Colin has a full comprehensive premium of 32.00 and a 50.00 deductible collision premium of 120.40 His rating factor is 1.35 What is his annual premium?
205.74
If there is a policy that is three months old and you cancel it will there be any money back?
Depends on the mode of premium...that is, did you pay an annual (yearly) premium, a semi-annual, quarterly or monthly premium? Whichever mode you used, the insurance company will (should) refund the "unearned" amount you paid. For instance, if you paid an annual premium (12 months), and you cancel after just three months of coverage, then you should receive a refund equal to nine (9) months woth of premium, etc.
How do you annualize prorated premium?
To annualize a prorated premium, you first determine the total premium for the full policy term and then divide it by the number of months covered by the prorated amount. Multiply the resulting monthly premium by 12 to convert it into an annual figure. This method gives you the equivalent annual premium based on the prorated amount, allowing for an accurate comparison with other policy options.
What is the accounting journal entry to record financed annual insurance premium?
Debit annual insurance premiumCredit cash / bank
Jacques has a full comprehensive premium of 47.60 and a 50.00 deductible collision premium of 154.00 What is his annual base premium?
$201.60 7/7/10 pace high school
Kamil has a full comprehensive premium of 67.10 and a 50.00 deductible collision premium of 201.20 what is his annual base premium?
$268.30 7/7/10 Pace high school
