Question
In: Advanced Math
People think that insurance premiums are often too high and not worth the money, however, when...
People think that insurance premiums are often too high and not worth the money, however, when an accident occurs, even something as serious as death, a car accident, a house fire, etc. people sometimes lose everything. Discuss with your classmates how you feel about car, life and property insurance that you learned about in this unit. Have you had a situation where you or someone you know did not have insurance and wish they had? Or perhaps you were harmed by someone without insurance in some way. Do you feel this unit helped you understand this topic better and possibly reinforce what you already knew?
Solutions
Colby Messinger answered 2 years agoRelated Solutions
People think that insurance premiums are often too high and not worth the money, however, when...
People think that insurance premiums are often too high and not
worth the money, however, when an accident occurs, even something
as serious as death, a car accident, a house fire, etc. people
sometimes lose everything. Discuss with your classmates how you
feel about car, life and property insurance that you learned about
in this unit. Have you had a situation where you or someone you
know did not have insurance and wish they had? Or perhaps you were
harmed...
When many people think of “economics”, they think of money. However, economics is not purely about...
When many people think of “economics”, they think of money.
However, economics is not purely about money but how individuals
and societies make difficult choices regarding all kinds of scarce
resources. Do you believe that people typically make “rational”
choices in their decision-making? In other words, do people
typically make choices in their best interest? Why or why not? How
do you define “best interest”? Is this different from societal
interest? How?
When calculating premiums on life insurance products insurance companies often use life tables which enable the...
When calculating premiums on life insurance products insurance
companies often use life tables which enable the probability of a
person dying in any age interval to be calculated.
The following table gives the number out of 100,000 females who
are still alive during each five-year period of life between the
age of 20 to 60 (inclusive):
Out of 100,000 females born
Exact age
(years)
Number alive at exact age
20
99,150
25
98,983
30
...
Answer True or False about Life Insurence: 1) Premiums for permanent insurance are often higher when...
Answer True or False about Life Insurence:
1) Premiums for permanent insurance are often higher when
compared to term; however, permanent policies have the potential to
build cash value that you can withdraw or borrow from if the need
arises. Unpaid loans and withdrawals will reduce the death benefit
and there may be tax consequences.
2) Riders that are part of your life insurance policy are free.
They are marketing devices used by insurance companies.
3) Smoking increases your risk...
1. High insurance deductible usually means: A lower premiums B Higher premiums C No difference in...
1. High insurance deductible usually means:
A
lower premiums
B
Higher premiums
C
No difference in premium
D
you are willing to take on more risk
2. Worker's comp will still pay a claim if the worker was
intoxicated at the time of the accident.
A
True
B
False
3. On a depreciating asset most likely the insurance premium
would be higher for
A
A replacement cost policy
B
A value based policy
C
This make no difference
D
High...
An individual owns a car that is worth $20,000, and is considering buying insurance. However, the...
An individual owns a car that is worth $20,000, and is
considering buying insurance. However, the only insurance which is
available has a maximum coverage of $15,000, i.e. the policy will
pay only $15,000 if the car suffers a total loss in an accident.
The price of the policy is $1,800. There is a 10% chance of having
an accident in which the car is a total loss. The focus here is to
calculate the expected values with and without...
Fair insurance A. has very high insurance premiums. B. has a positive expected value for the...
Fair insurance
A. has very high insurance premiums.
B. has a positive expected value for the insurance company.
C. is available only to those who fully insure.
D. has an expected value for the policy holder of zero.
INDEPENDENT SAMPLES T-TEST #1 When people think about legendary basketball franchises, they often think about the...
INDEPENDENT SAMPLES T-TEST #1
When people think about legendary basketball franchises, they
often think about the New York Knicks. (Well, kind of.) When people
think about terrible basketball teams, they often think about the
Sacramento Kings. Guess what? When you look at their recent
history, neither team has been particularly great. Here are the
number of games that each team has won during the last five
seasons.
Sacramento New York
2014-2015 29 17
2015-2016 33 32
2016-2017 32 31
2017-2018...
Establishing Proof for linked (correlated) requires a mechanism (high standard, often too high to meet). Alan...
Establishing Proof for linked (correlated) requires a mechanism
(high standard, often too high to meet).
Alan Eller has spent more than a decade trying to convince the
Department of Veterans Affairs that his bladder cancer was the
result of exposure to Agent Orange almost 50 years ago in
Vietnam.
The Army vet has filed three claims with the agency, most
recently in 2014, since a doctor told him the cancer was likely
tied to the toxic herbicide.
Each time, even...
Insurance companies charge higher premiums for people who smoke. Should they be allowed to charge higher...
Insurance companies charge higher premiums for people who smoke.
Should they be allowed to charge higher premiums based on people's
weight (i.e., obese, overweight). Do you think this would be
effective in getting people to reduce their BMI or change their
diet.
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