TAILIEUCHUNG - Lecture Practical business math procedures (11/e) - Chapter 20: Life, fire, and auto insurance

After studying this chapter you will be able to: Explain the types of life insurance; calculate life insurance premiums; explain and calculate cash value and other nonforfeiture options; explain and calculate premiums for fire insurance of buildings and their contents; calculate refunds when the insured and the insurance company cancel fire insurance; explain and calculate insurance loss when coinsurance is not met;. | LIFE, FIRE, AND AUTO INSURANCE Chapter Twenty Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 1 Explain the types of life insurance; calculate life insurance premiums. Explain and calculate cash value and other nonforfeiture options. LU 20-1: Life Insurance Learning unit objectives LU 20-2: Fire Insurance Explain and calculate premiums for fire insurance of buildings and their contents. Calculate refunds when the insured and the insurance company cancel fire insurance. Explain and calculate insurance loss when coinsurance is not met. Explain and calculate the cost of auto insurance. LU 20-3: Fire Insurance 2 20- Face amount – The amount received (proceeds) upon the death of the insured Insured – The policyholder receiving coverage Premium – Periodic payments you make for the cost of the insurance (determined by actuaries) Life Insurance Beneficiary – The person receiving the insurance proceeds at the death of the insured 3 Step 2. Divide the

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