At a rate of $0.37 per $100, Ivan's annual premium is $44.40 and the quarterly premium is $11.10.
An insurance premium is a charge imposed on the insured by the insurance company for the insurance policy taken.
Periodically, the insured is expected to remit the premium to the insurer a coverage fee.
Insurance coverage = $12,000
Ivana's age = 37 years
Rate of premium = $0.37 per $100
Annual premium = $44.40 ($0.37 x $12,000/$100)
Quarterly premium = $11.10 ($0.37 x $12,000/$100)/4
Thus, at a rate of $0.37 per $100, Ivan's annual premium is $44.40 and the quarterly premium is $11.10.
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