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Unformatted text preview: previously paid bonuses. Determine the death benefit that would be paid if the insured died during the fifth policy year. 3. Kelli has worked for Chupp Insurance Company for 23 years when she retires on December 31, 2011. Her salary during the last five years has been: Calculate Kelli’s annual pension benefit under each of the following plans: a. Her pension benefit is 2% per year of service of her final salary. b. Her pension benefit is 2% per year of service of her average salary over her last five years of service. c. Her pension benefit is 1.8% per year of service of her highest salary over the last five years of service. Answers: 1. 110,381.29 2. 110,537.35 3. a. 73,600 b. 89,240 c. 91,080...
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- Fall '11
- Financial services, life insurance policy, death beneﬁt