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Hello:

What is the difference between 1. and 2.?

1. A life insurance policy for $7000 at $35.69 per year per $1000

2. A life insurance policy for $9000 at the rate of $17.65 per $1000 per year

What I am confused by is the per year per $1000 in 1. and the per $1000 per year in 2. As seen in these two examples. Why use per year per $1000 in 1. and per $1000 per year in 2.?

I thank you for your reply.

Hello Kenneth

That is purely the choice of the insurance company. Both will work out to the same figure. The order of multiplication would be expected to be different, but as multiplication is commutative, the same answer will be obtained for the total to be paid.

Best wishes

vijilant

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Comment | Thanks for the reply and explanation! |

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