The following table would be used to determine what percentage of the annual premium the business would be charged. Part 2: Compute the premium and refund due (if applicable) for the following terms. Assume an annual rate of $1.25 per $100. Use the Short Term rates table when needed. If no refund is due, say it is $0 or none. If the insurance was in effect for less than 1 year, give the premium just for the months of use. 4. Premium for 1 year = $400,000 of insurance for 1 year 5. Refund due = $600,000 of insurance for 9 6. Premium for 9mos= months 7. Refund due = $80,000 of insurance, cancelled 8. Premium for 5mos= by the insured after 5 months 9. Refund due = $200,000 of insurance, cancelled 10. Premium for 4 mos = by the carrier after 4 months 11. Refund due =