Lamar, age 43, wants to pay no more than $1,000 a year in life insurance. if the annual life insurance premium rate (per $1000 of face value) is $12.59, what is the largest whole life policy he can buy without spending more than $1,000 annually? a. $12,590 b. $341,540 c. $541,370 d. $79,000

The calculationr amount is 79.43 x 1000 = 79430.00  BUT

Lamar wants to pay less than $1000.00 a year so the ANSWER is 79.000.00

Step-by-step explanation:

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all group life insurance is term insurance. actually it is annual renewable term and it is rated on the average age and claims experience of the entire group, which is called "experience rating." remember, this type of insurance has a 31-day grace period and is convertible to whole life upon leaving employment. a contributory group plan requires that both the employer and the employees pay part of the premium. at least 75% of those eligible must participate, so the group is sure to get most of the healthy employees as well as those that are sick.

step-by-step explanation: