Hello folks, I am trying to create a simple program on excel for print out insurance offers easily without having to go back to rate tables and calculate manually. Basically, I need a formula to calculate the premium in a certain cell while the user simply enters age and amount of insurance. Any suggestions from anyone please. Thank you.
Hi, welcome to the board.
Do you know how to calculate this premium, without using Excel ?
If YES, please explain here, and there's a good chance someone will be able to produce an Excel formula to do the same.
If NO, I'm not sure how we can help.
Hi, welcome to the board.
Do you know how to calculate this premium, without using Excel ?
If YES, please explain here, and there's a good chance someone will be able to produce an Excel formula to do the same.
If NO, I'm not sure how we can help.
Yes, I do know how to calculate the premium. It is quite straight forward, I have a rate per thousand table per age. For example age 30's rate is 2.5 per thousand and if the amount of insurance required is 100,000$ the simply the premium would be the rate 2.5 * 100,000/1000; in this case 250$.
I am preparing a quotation format on excel and what I need is a formula that when I enter the age in a certain cell the formula would simply read the age, extract the rate from the rate table relating to this age (that could be linked from another sheet) and the formula would calculate the correct premium. I would think it would be and IF and AND formula but I am having problems sorting it out.
Thanks to anyone who can help.