Head & Shoulders shampoo insured a spokesman football player’s long hair for $1 million with Lloyd’s...

Head & Shoulders shampoo insured a spokesman football player’s long hair for $1 million with Lloyd’s of London. The insurance payout would be triggered if he lost at least 60% of his hair during an on field event. The insurance company placed the odds of a payout at 1% in year 5. Determine how much Head & Shoulders had to pay in a lump sum amount for the insurance policy if Lloyd’s of London wanted a rate of return of 16% per year, compounded quarterly.

Solutions

Expert Solution

Expected payout at the end of year 5 = 1% of 1,000,000 = 10,000

amount to be paid for the insurance policy = 10,000/1.04²⁰ = 4,563.87

jeff jeffy answered 1 year ago

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