Hat is probability that both will have a loss, Accounting Basics

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Hat is probability that both will have a loss

Problem

I. Abington and Lower Moreland decide to pool their losses due to fire. Each faces a probability of 33% a year that it will pay out $60,000 for such a loss. If they decide to share all losses,

i. What is the probability that each will have no loss and make no payout?

ii. What is the probability that Abington will have a loss but Lower Moreland will not?

iii. What is probability that both will have a loss?

II. Describe the insurability of fire and flood?

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Accounting Basics: Hat is probability that both will have a loss

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Accounting Basics: Hat is probability that both will have a loss

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