For every life insurance scheme sold
by an agent, he recieves $40 plus 20%
of the selling price of the scheme.
During a particular week, the agent
sold 10 schemes such that the total
selling price was $4500. What was the
agent's commission for that week? (in
Dollars)
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2
Answer:
Commissions earned by LIC agents
Premium paying term15 years and above10 years to 14 yearsCommission for the first year (on premiums)25%20%Commission for the second and third year (on premiums)7.5%7.5%Commission from the fourth year onwards (on premiums)5%5%
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Answered by
5
ANSWER.....
He receives $ 40 For a Scheme And 20% of the selling price
He Sold 10 scheme then he receives
10 × 40 = $ 400
He Receives 20% selling price = (20/100) × 4500
=$ 900
Total Commission Receives for that week is
400+900 = $ 1300
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