. A company prices its tornado insurance using the following assumptions: • In any calendar year,...
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A company prices its tornado insurance using the following
assumptions:
• In any calendar year,...
(b) A company prices its hurricane insurance usng the following assumptsons (i) In any calendar year,...
(b) A company prices its hurricane insurance usng the following assumptsons (i) In any calendar year, there can be at most one hurricane (1) In any calendar year, the probability of a hurricane is 0.05 (iii) The mumber of hurricanes in any calendar year is independent of the number of hurricanes in any other calendar year e .os Using the company's assumptions, for a 20-year period i (10 points) what are the expected value and standard deviation of the number...
At December 31, 2017, Hawke Company reports the following results for its calendar year.
At December 31, 2017, Hawke Company reports the following results for its calendar year. In addition, its unadjusted trial balance includes the following items. Problem 7-2A Part 1 Required: 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 4% of credit sales. b. Bad debts are estimated to be 3% of total sales. c. An aging analysis estimates that 7% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31,...
An insurance company issues 1250 vision care insurance policies. The number of claims filed by a...
An insurance company issues 1250 vision care insurance policies. The number of claims filed by a policyholder under a vision care insurance policy during one year is a random variable with u=2 and = 72. Assume the numbers of claims filed by different policyholders are mutually independent. Calculate the approximate probability that there is a total of between 2450 and 2600 claims during a one-year period?
At December 31, 2017, Hawke Company reports the following results for its calendar year.
At December 31, 2017, Hawke Company reports the following results for its calendar year. In addition, its unadjusted trial balance includes the following items. Required: 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 4% of credit sales. b. Bad debts are estimated to be 3% of total sales. c. An aging analysis estimates that 7% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31, 2017). 2. Show...
An insurance company will insure a $50,000 diamond for its full value against theft at a...
An insurance company will insure a $50,000 diamond for its full value against theft at a premium of $400 per year. Suppose that the probability that the diamond will be stolen is .005, and let x denote the insurance company's profit. a) Set up the probability distribution of the random variable x. b) Calculate the insurance company's expected profit. c) Find the premium that the insurance company should charge if it wants its expected profit to be $1,000.
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 in...
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...
Problem 43.22t A flood insurance company determines that N, the number of claims received in a...
Problem 43.22t A flood insurance company determines that N, the number of claims received in a month, is a rando! n variable with P(N = n) アFT, for n 0, 1, 2, .. The numbers of claims received in different months are mutually indepen- dent. Calculate the probability that more than three claims will be received during a consecutive two-month period, given that fewer than two claims were received in the first of the two months. 3n+1
An insurance company would like to offer theft insurance for renters. The policy would pay the...
An insurance company would like to offer theft insurance for renters. The policy would pay the full replacement value of any items that were stolen from the apartment. Some apartments have security alarms installed. Such systems detect a break-in and ring an alarm within the apartment. The insurance company estimates that the probability of a theft in a year is 0.05 if there is no security system and 0.01 if there is a security system (there cannot be more than...
Arundel Company disclosed the following information for its recent calendar year. $110.000 Income Statement Data Revenues...
Arundel Company disclosed the following information for its recent calendar year. $110.000 Income Statement Data Revenues Expenses Salaries expense Utilities expense Depreciation expense Other expenses Net loss Selected Year-End Balance Sheet Data Accounts receivable decrease $27.000 Purchased a machine for cash 20,000 Salaries payable increase 28.000 Other accrued liabilities decrease 18,000 75,000 32.000 30.600 8.900 $(36.5ee) Required: 1. Prepare the operating activities section of the statement of cash flows using the indirect method (Any losses or amounts to be deducted...
er 12 Assignment Health insurance benefits vary by the size of the company (the Henry J....
er 12 Assignment Health insurance benefits vary by the size of the company (the Henry J. Kaiser Family Foundation website, June 23, 2016). The sample data below show the number of companies providing health insurance for small, medium, and large companies. For the purposes of this study, small companies are companies that have fewer than 100 employees. Medium-sized companies have 100 to 999 employees, and large companies have 1000 or more employees. The questionnaire sent to 225 employees asked whether...
(b) A company prices its hurricane insurance usng the following assumptsons (i) In any calendar year, there can be at most one hurricane (1) In any calendar year, the probability of a hurricane is 0.05 (iii) The mumber of hurricanes in any calendar year is independent of the number of hurricanes in any other calendar year e .os Using the company's assumptions, for a 20-year period i (10 points) what are the expected value and standard deviation of the number...
An insurance company issues 1250 vision care insurance policies. The number of claims filed by a policyholder under a vision care insurance policy during one year is a random variable with u=2 and = 72. Assume the numbers of claims filed by different policyholders are mutually independent. Calculate the approximate probability that there is a total of between 2450 and 2600 claims during a one-year period?
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...
Problem 43.22t A flood insurance company determines that N, the number of claims received in a month, is a rando! n variable with P(N = n) アFT, for n 0, 1, 2, .. The numbers of claims received in different months are mutually indepen- dent. Calculate the probability that more than three claims will be received during a consecutive two-month period, given that fewer than two claims were received in the first of the two months. 3n+1
Arundel Company disclosed the following information for its recent calendar year. $110.000 Income Statement Data Revenues Expenses Salaries expense Utilities expense Depreciation expense Other expenses Net loss Selected Year-End Balance Sheet Data Accounts receivable decrease $27.000 Purchased a machine for cash 20,000 Salaries payable increase 28.000 Other accrued liabilities decrease 18,000 75,000 32.000 30.600 8.900 $(36.5ee) Required: 1. Prepare the operating activities section of the statement of cash flows using the indirect method (Any losses or amounts to be deducted...
er 12 Assignment Health insurance benefits vary by the size of the company (the Henry J. Kaiser Family Foundation website, June 23, 2016). The sample data below show the number of companies providing health insurance for small, medium, and large companies. For the purposes of this study, small companies are companies that have fewer than 100 employees. Medium-sized companies have 100 to 999 employees, and large companies have 1000 or more employees. The questionnaire sent to 225 employees asked whether...
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