an average of 1 in 50 policyholders will file a $10,000 claim an average of 1 in 100 policyholders will file a $ 25,000 claim an average of 1 in 250 policyholders will file a $60,000 claim. What is the expected payout of the claims per policy sold?
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How would I solve the following question: An insurance company sells policies for $500. Based on past data, and average of 1 in 50 policy holders will file a $10,000 claim, an average of 1 in 100 policyholders will file a $20,000 claim, and an average of 1 in 250 policyholders will file a $50,000 claim. Find the expected value (to the company) per policy sold. If the company sells 10,000 policies, what is the expected loss or profit?
An insurance policy sells for $600.Based on past data, an average of 1 in 125 policyholders will file a $10,000 claim, an average of 1 in 250 policy holders will file a $40,000 claim, and an average of 1 in 500 policyholders will file a $60,000 claim. Find the expected value (to the company) per policy sold. If the company sells 20,000 policies, what is the expected profit or loss?
An insurance company sells a policy for $1250. Based on past data, an average of 1 in 50 policyholders will win a $10,000 claim on a policy, an average of 1 in 100 policyholders will win a $25,000 claim on a policy, an average of 1 in 200 policyholders will win a $50,000 claim on a policy, and an average of 1 in 500 policyholders will win a $250,000 claim on a policy. a. Find the expected value (to the...
An insurance policy sells for $800. Based on past data, an average of 1 in 125 policyholders will file a $10 comma 000 claim, an average of 1 in 100 policyholders will file a $50 comma 000 claim, and an average of 1 in 400 policyholders will file a $60 comma 000 claim. Find the expected value (to the company) per policy sold. If the company sells 20 comma 000 policies, what is the expected profit or loss?
An insurance policy sells for $1200.Based on past data, an average of 1 in 100 policyholders will file a $20,000 claim, an average of 1 in 200 policyholders will file a $40,000 claim, and an average of 1 in 400 policyholders will file a $70,000 claim. Find the expected value (to the company) per policy sold. If the company sells 20,000 policies, what is the expected profit or loss?
Suppose you work for Allstate, and insurance company and the data shows the following for auto insurance claims in Chicago. An average of 1 in 50 policyholders will file a claim of $5,000. An average of 1 in 20 policyholders will file a claim of $2,000. An average of 1 in 10 policyholders will file a claim of $500. Allstate charges me $500 for an auto insurance policy. Assuming that the I could file any of the three claims above,...
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(5) Policyholders of an insurance company are classified as either high-risk or low-risk, 29% of policyholders (from both groups collectively) did not file a claim. 20% of high-risk policy holders did not file a claim, and 50% of low-risk policyholders did not file a claim. Given that a policyholder did file a claim, what was the probability that he was classified as high-risk?...
An insurance company has 10,000 automobile policyholders. The expected yearly claim per policy holder is $240 with a standard deviation of $800. Approximate the probability that the yearly claim exceeds $2.7 million.
An insurance company has issued 100 policies. The number of claims filed under each policy follows a Poisson distribution with a mean 2. Assuming that the claims filed by each policyholder are independent of each other, what is the approximate probability that more than 220 claims will be filed by the group of policyholders? B) 0.159 A) 0.079 C) 0.444 D) 0.556 E) 0.921 Question 2-20 An actuary is studying claim patterns in an insurer's book of business. He compiles...
An insurance company has 10,000 outstanding fire policies. For each policy, there is an expected claim of $100 with a standard deviation of $400. The individual claims are independent random variables. What is the probability that the total of all claims exceeds $1,100,000.