Calculate the reduced pald-up insurance for Lee Chin, age 41, who purchased a $310,000 20-year endowment policy. At the end of year 5, Lee stopped paying premiums. (Use Table 20.2.) Reduced paid-up...

Extracted text: Calculate the reduced pald-up insurance for Lee Chin, age 41, who purchased a $310,000 20-year endowment policy. At the end of year 5, Lee stopped paying premiums. (Use Table 20.2.) Reduced paid-up insurance TABLE 20-2 Nonforfelturo options based on $1,000 face value STRAIGHT LIFE 20-PAYMENT LIFE 20-YEAR ENDOWMENT EXTENDED TERM Years EXTENDED EXTENDED Insurance Amount of TERM Amount of TERM Amount of pollcy in force Cash value Cash paid-up Insurance pald-up Cash pald-up Years Day value Insurance Years Day value Insurance Years Day 29 86 9. 91 71 220 19 190 92 229 23 140 10 96 259 18 76 186 621 28 195 319 520 30 160 15 148 371 20 165 317 781 32 176 610 790 35 300 20 265 550 21 300 475 1,000 Life 1,000 1,000 Life Option 1: Cash value $200.000 $1.000 Option 2: Reduced paid-up insurance $200.000 $1.000 Option 3: Extended term insurance 200 x$148 $29.600 200 x $371$74.200 Bob could continue this $200.000 polcy for 20 years and 165 days