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4. (2.2-4) An insurance company sells an automobile policy with a deductible of one unit. Let...
In automobile collision insurance and health insurance, the policy usually has a provision calling for a deductible according to which the portion of any insured loss up to some fixed limit is pa...
In automobile collision insurance and health insurance, the policy usually has a provision calling for a deductible according to which the portion of any insured loss up to some fixed limit is payed for by the insured person; only the excess is paid by the insurance company. In addition, health insurance policies often provide for co-payments by the insured so that even after the deductible is met, the insured pays some fraction or fixed amount of the medical costs until...
An insurance policy pays for a random loss X subject to a deductible of 550. The...
An insurance policy pays for a random loss X subject to a deductible of 550. The loss amount is modeled as a continuous random variable with density function 4500 for x > 500 f(x) = { otherwise Determine the expected payment made under this insurance policy.
Question 4. (15 points) An individual who has automobile insurance from a certain company is randomly...
Question 4. (15 points) An individual who has automobile insurance from a certain company is randomly selected. Let Y be the number of moving violations for which the individual was cited during the last 3 years. The pmf of Y is 0 p(y) 0.25 0.100.05 (1). Find a, such that p(y) is a p.m.f (2). Write out the c.d.f of completely. (3) Suppose an individual with Y violations incurs a surcharge of S (r +100Y'. Calculate the expected amount of...
Jack has an automobile insurance policy with the Auto - Share Insurance Company. He has 200,000...
Jack has an automobile insurance policy with the Auto - Share Insurance Company. He has 200,000 of third party liability coverage (bodily injury/property damage) and has a 1,500 deductible on his collision coverage. Jack is at fault for an accident that injures Lucy, who is insured by Frog Insurance. Jack is successfully sued by Lucy for Lucy’s injuries. The court orders Jack to pay Lucy 170,000. Other expenses incurred are: (i) Legal fees to Auto-Share on behalf of Jack: 45,000...
Suppose a life insurance company sells a $230,000 one-year term life insurance policy to a 19-year-old...
Suppose a life insurance company sells a $230,000 one-year term life insurance policy to a 19-year-old female for $220. The probability that the female survives the year is 0.999516. Compute and interpret the expected value of this policy to the insurance company. The expected value is Round to two decimal places as needed.)
1. A large insurance agency services a number of customers who have purchased both a homeowner's...
1. A large insurance agency services a number of customers who have purchased both a homeowner's policy and an automobile policy from the agency. For each type of policy, a deductible amount must be specified. For an automobile policy, the choices are $100 and $250, whereas for a homeowner's policy, the choices are $0, $100, and $200. Suppose an individual with both types of policies is selected at random from the agency's files. Let X denote the deductible amount on...
1. A large insurance agency services a number of customers who have purchased both a homeowner's...
1. A large insurance agency services a number of customers who have purchased both a homeowner's policy and an automobile policy from the agency. For each type of policy, a deductible amount must be specified. For an automobile policy, the choices are $100 and $250, whereas for a homeowner's policy, the choices are $0, $100, and $200. Suppose an individual with both types of policies is selected at random from the agency's files. Let X denote the deductible amount on...
1. A large insurance agency services a number of customers who have purchased both a homeowner's...
1. A large insurance agency services a number of customers who have purchased both a homeowner's policy and an automobile policy from the agency. For each type of policy, a deductible amount must be specified. For an automobile policy, the choices are $100 and $250, whereas for a homeowner's policy, the choices are $0, $100, and $200. Suppose an individual with both types of policies is selected at random from the agency's files. Let X denote the deductible amount on...
1. A large insurance agency services a number of customers who have purchased both a homeowner's...
1. A large insurance agency services a number of customers who have purchased both a homeowner's policy and an automobile policy from the agency. For each type of policy, a deductible amount must be specified. For an automobile policy, the choices are $100 and $250, whereas for a homeowner's policy, the choices are $0, $100, and $200. Suppose an individual with both types of policies is selected at random from the agency's files. Let X denote the deductible amount on...
An individual who has automobile insurance from a certain company is randomly selected. Let Y be...
An individual who has automobile insurance from a certain company is randomly selected. Let Y be the number of moving violations for which the individual was cited during the last 3 years. The pmf of Y is the following. p(y) 0.60 0.25 0.10 0.05 (a) Compute E(Y). E(Y) (b) Suppose an individual with γ violations incurs a surcharge of $110. Calculate the expected amount of the surcharge.
In automobile collision insurance and health insurance, the policy usually has a provision calling for a deductible according to which the portion of any insured loss up to some fixed limit is payed for by the insured person; only the excess is paid by the insurance company. In addition, health insurance policies often provide for co-payments by the insured so that even after the deductible is met, the insured pays some fraction or fixed amount of the medical costs until...
An insurance policy pays for a random loss X subject to a deductible of 550. The loss amount is modeled as a continuous random variable with density function 4500 for x > 500 f(x) = { otherwise Determine the expected payment made under this insurance policy.
Question 4. (15 points) An individual who has automobile insurance from a certain company is randomly selected. Let Y be the number of moving violations for which the individual was cited during the last 3 years. The pmf of Y is 0 p(y) 0.25 0.100.05 (1). Find a, such that p(y) is a p.m.f (2). Write out the c.d.f of completely. (3) Suppose an individual with Y violations incurs a surcharge of S (r +100Y'. Calculate the expected amount of...
Suppose a life insurance company sells a $230,000 one-year term life insurance policy to a 19-year-old female for $220. The probability that the female survives the year is 0.999516. Compute and interpret the expected value of this policy to the insurance company. The expected value is Round to two decimal places as needed.)
1. A large insurance agency services a number of customers who have purchased both a homeowner's policy and an automobile policy from the agency. For each type of policy, a deductible amount must be specified. For an automobile policy, the choices are $100 and $250, whereas for a homeowner's policy, the choices are $0, $100, and $200. Suppose an individual with both types of policies is selected at random from the agency's files. Let X denote the deductible amount on...
1. A large insurance agency services a number of customers who have purchased both a homeowner's policy and an automobile policy from the agency. For each type of policy, a deductible amount must be specified. For an automobile policy, the choices are $100 and $250, whereas for a homeowner's policy, the choices are $0, $100, and $200. Suppose an individual with both types of policies is selected at random from the agency's files. Let X denote the deductible amount on...
1. A large insurance agency services a number of customers who have purchased both a homeowner's policy and an automobile policy from the agency. For each type of policy, a deductible amount must be specified. For an automobile policy, the choices are $100 and $250, whereas for a homeowner's policy, the choices are $0, $100, and $200. Suppose an individual with both types of policies is selected at random from the agency's files. Let X denote the deductible amount on...
1. A large insurance agency services a number of customers who have purchased both a homeowner's policy and an automobile policy from the agency. For each type of policy, a deductible amount must be specified. For an automobile policy, the choices are $100 and $250, whereas for a homeowner's policy, the choices are $0, $100, and $200. Suppose an individual with both types of policies is selected at random from the agency's files. Let X denote the deductible amount on...
An individual who has automobile insurance from a certain company is randomly selected. Let Y be the number of moving violations for which the individual was cited during the last 3 years. The pmf of Y is the following. p(y) 0.60 0.25 0.10 0.05 (a) Compute E(Y). E(Y) (b) Suppose an individual with γ violations incurs a surcharge of $110. Calculate the expected amount of the surcharge.
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