Losses covered by an insurance policy are uniform on [0, 2000]. An insurance company reimburses losses...

Losses covered by an insurance policy are uniform on [0, 2000]. An insurance company reimburses losses with a deductible of 700. Calculate the difference between the first quartile and the third quartile on the insurance company’s reimbursement.

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orchestra answered 2 years ago

Question 1 Indemnity insurance… a. reimburses for certain types of losses such as accidents or...

Question 1 Indemnity insurance… a. reimburses for certain types of losses such as accidents or theft. b. is the basis for most of the health insurance coverage in the U.S. c. is often “experience-rated” with premiums based on expected losses. d. is sometimes called “casualty insurance.” e. All of the above Question 10 An insurance company initially is insuring a pool of 200 people, each of whom has a 5% chance of a $10,000 loss...

Indemnity insurance: 1. reimburses for certain types of losses including fire and theft 2. in the...

Indemnity insurance: 1. reimburses for certain types of losses including fire and theft 2. in the basis for most of the health insurance coverage in the U.S 3. is often experience-rated with premiums based on expected losses 4. is sometimes called "casualty insurance" 5. All of the above

For a certain health insurance policy, losses are uniformly distributed on the interval [0, b]. The...

For a certain health insurance policy, losses are uniformly distributed on the interval [0, b]. The policy has a deductible of 180 and the expected value of the un-reimbursed portion of a loss is 144. Calculate b. (A) 236 (B) 288 (C) 388 (D) 450 (E) 468

If a loss is not covered by a primary insurance policy, it might be covered by:

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A. Which of the following losses in not covered by a standard homeowners policy? A. Personal...

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A insurance policy reimburses a loss X up to a maximum benefit of 1250. X has...

A insurance policy reimburses a loss X up to a maximum benefit of 1250. X has an exponential distribution with mean 1500. Calculate the median benefit for this policy. Answer to the nearest whole number.

Which of the following losses is not covered under the personal auto policy? Select one: a....

Which of the following losses is not covered under the personal auto policy? Select one: a. liability for injuries to a pedestrian caused by the negligence of the insured driver b. physical damage to the personal property in the car of the insured driver who is negligent c. bodily injury losses caused to the insured by a driver without liability insurance d. theft of the insured vehicle The standard HO-3 policy will NOT cover which of the following losses? Select...

which one of these is covered by a specific type of insurance policy?

Question 6 of 10 Homeowners insurance gives you both property and liability protection. True FalseQuestion 7 of 10 Which of these is the best description of the "special" (HO-3) homeowners insurance policy? It offers extensive coverage for your home and also includes personal property and liability protection It's the most comprehensive policy available, covering even flood damage Continue Screenshot savedQuestion 8 of 10Liability protection covers both personal liability and the medical expenses of anyone accidentally injured on your property. True FalseQuestion 9 of 10 Which area is...

Suppose that an insurance company sells a policy whose losses are distributed exponentially with mean $1500....

Suppose that an insurance company sells a policy whose losses are distributed exponentially with mean $1500. Further suppose that the company sells a large number of claims. An actuary wishes to analyze the performance of the product and takes a random sample of 100 policies for which there was a claim filed from this population. a. What are the mean and variance of an individual insurance policy? b. What are the mean and variance of the total claim amount T...

Indicate whether the following losses are covered under Section II of the homeowners policy. Assume there...

Indicate whether the following losses are covered under Section II of the homeowners policy. Assume there are no special endorsements and no deductible. Give reasons for your answers. 1. The named insured’s dog bites a neighbor’s child 2. The named insured's dog eats a neighbor's coat. 3. A neighbor’s child falls off a swing in the named insured’s yard and breaks an arm. 4. The named insured falls on his icy sidewalk and breaks a leg. 5. While driving to...

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