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Larry Rauzer purchased $60,000 of whole life
Larry Rauzer purchased $60,000 of whole life. What will the cash value of his policy be at the following anniversary dates?
1. 10 year
2. 15 year
3. 25 year
Expert Solution
Answer:
Cash Value Of The Insurance Policy
Policy Anniversary --- Cash Value Per Unit
5th year $30.00
10th year $89.00
15th year $160.00
20th year $232.00
25th year $340.00
^This list is what you use^
Step 1. Find number of units purchased. $70,000 ÷ $1,000 = 70 units
Step 2. Multiply the number of units time the cash value. 70 * $30 = $2,100
1. = 5,340
2.= 9,600
3.= 20,400
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