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An insurance company has written 50 policies for $75,000, 100 policies for $40,000, and 250 policies...
QUESTION 19 Solve the problem. An insurance company has written 89 policies of $50,000, 485 of...
QUESTION 19 Solve the problem. An insurance company has written 89 policies of $50,000, 485 of $25,000, and 905 of $10,000 on people of age 20. If the probability that a person will die at age 20 is 0.001. how much can the company expect to pay during the year the policies were wrtten? $0 $2563 $256,250 $25,625 QUESTION 20 Solve the problem. Suppose you pay $1.00 to roll a fair die with the understanding that you will get back...
(a) An insurance company sells several types of insurance policies, including auto policies and home- owner...
(a) An insurance company sells several types of insurance policies, including auto policies and home- owner policies. Let Aj be those people with an auto policy only, A2 those people with a homeowner policy only, and A3 those people with both an auto and homeowner policy (but no other policies). For a person randomly selected from the company's policy holders, suppose that P(A) 0.3, P(A2)-0.2, and P(A3)-0.2. Further, let B be the event that the person will renew at least...
For a life insurance company, it is important to construct life tables (consisting of the probability...
For a life insurance company, it is important to construct life tables (consisting of the probability that a person will survive in the next year, conditional on a person that has been survived up to current). A life insurance company uses life tables to assist calculation of life insurance premium. Assume that the lifetime of randomly selected person is approximately normally distributed with a mean 68 years and a standard deviation 4 year. A whole life insurance implies that insurance...
Suppose a company charges an annual premium of $450 for a fire insurance policy. In case...
Suppose a company charges an annual premium of $450 for a fire insurance policy. In case of a fire claim, the company will pay out an average of $100,000. Based on actuarial studies, it determines that the probability of a fire claim in a year is 0.004. What is the expected annual profit of a fire insurance policy for the company? What annual profit can the company expect if it issues 1000 policies?
Jim is a 60-year-old male in reasonably good health. He wants to take out a $75,000...
Jim is a 60-year-old male in reasonably good health. He wants to take out a $75,000 term (that is, straight death benefit) life insurance policy until he is 65. The policy will expire on his 65th birthday. The probability of death in a given year is provided by the Vital Statistics Section of the Statistical Abstract of the United States (116th edition) X=age 60 61 62 63 64 P(death at this age) 0.01091 0.01192 0.01296 0.01403 0.01513 Jim is applying...
1. Many insurance policies carry a deductible provision that states how much of a claim a...
1. Many insurance policies carry a deductible provision that states how much of a claim a person must pay out of pocket before the insurance company pays the remaining of the expenses. For example, if someone files a claim for $350 on a policy with a $200 deductible, he or she pays $200 and the insurance company pays $150. In the following cases, determine how much a person would pay with and without an insurance policy. Complete parts (a) and...
health economics and policy how do I calculate the following: if the insurance company must offer...
health economics and policy
how
do I calculate the following: if the insurance company must offer
one plan to all women ages 65 and older, what will be the monthly
premiun per person? and the surplus?
Case Study 2 Suppose that within a given city, women ages 65 and older fall into one of four health categories very healthy, healthy, unhealthy, and very unhealthy. As a part of the new PPACA, the government has mandated that insurance companies must charge...
Insurance companies track life expectancy information to assist in determining the cost of life insurance policies....
Insurance companies track life expectancy information to assist in determining the cost of life insurance policies. Life expectancy is a statistical measure of average time a person is expected to live, based on a number of demographic factors. Mathematically, life expectancy is the mean number of years of life remaining at a given age, assuming age-specific mortality rates remain at their most recently measured levels. Last year the average life expectancy of all the Life Insurance policyholders in Ontario...
Life Insurance: Your company sells life insurance. You charge a 55 year old man $70 for...
Life Insurance: Your company sells life insurance. You charge a 55 year old man $70 for a one year, $100,000 policy. If he dies over the course of the next year you pay out $100,000. If he lives, you keep the $70. Based on historical data (relative frequency approximation) the average 55 year old man has a 0.9998 probability of living another year. (a) What is your expected profit on this policy? $ (b) What is an accurate interpretation of...
better photo s t insurance company charges 515 fo ring that the male will live through...
better photo
s t insurance company charges 515 fo ring that the male will live through the year if the male does not survive the year, the There is a policy pays randomly selected 32 year old maleves through the year. A benet Complete parts(a) through (c) below a some w hat many pong to the evening the year and not surviving The vale componding to suring the years The value corresponding to surviving the years pe wegenser round) Round...
QUESTION 19 Solve the problem. An insurance company has written 89 policies of $50,000, 485 of $25,000, and 905 of $10,000 on people of age 20. If the probability that a person will die at age 20 is 0.001. how much can the company expect to pay during the year the policies were wrtten? $0 $2563 $256,250 $25,625 QUESTION 20 Solve the problem. Suppose you pay $1.00 to roll a fair die with the understanding that you will get back...
(a) An insurance company sells several types of insurance policies, including auto policies and home- owner policies. Let Aj be those people with an auto policy only, A2 those people with a homeowner policy only, and A3 those people with both an auto and homeowner policy (but no other policies). For a person randomly selected from the company's policy holders, suppose that P(A) 0.3, P(A2)-0.2, and P(A3)-0.2. Further, let B be the event that the person will renew at least...
1. Many insurance policies carry a deductible provision that states how much of a claim a person must pay out of pocket before the insurance company pays the remaining of the expenses. For example, if someone files a claim for $350 on a policy with a $200 deductible, he or she pays $200 and the insurance company pays $150. In the following cases, determine how much a person would pay with and without an insurance policy. Complete parts (a) and...
health economics and policy
how
do I calculate the following: if the insurance company must offer
one plan to all women ages 65 and older, what will be the monthly
premiun per person? and the surplus?
Case Study 2 Suppose that within a given city, women ages 65 and older fall into one of four health categories very healthy, healthy, unhealthy, and very unhealthy. As a part of the new PPACA, the government has mandated that insurance companies must charge...
better photo
s t insurance company charges 515 fo ring that the male will live through the year if the male does not survive the year, the There is a policy pays randomly selected 32 year old maleves through the year. A benet Complete parts(a) through (c) below a some w hat many pong to the evening the year and not surviving The vale componding to suring the years The value corresponding to surviving the years pe wegenser round) Round...
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