What premium should the insurance company charge for policy, Basic Statistics

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What premium should the insurance company charge for policy

A customer for a home insurance policy owns a $200,000 home. The probability is 0.1% that the home will be totally destroyed by fire, and the probability is 0.5% that the home will suffer a 50% loss due to fire. If we ignore all other partial losses, what premium should the insurance company charge for a policy just to break even?

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Basic Statistics: What premium should the insurance company charge for policy

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Basic Statistics: What premium should the insurance company charge for policy

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Recent Questions Asked Basic Statistics

Q : Develop formal mentoring programs

Q : Should take bet that that other side of card is also blue

Q : Additional marketing budget

Q : What is the firms average balance sheet

Q : What premium should the insurance company charge for policy

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Request for Solution File

Ask an Expert for Answer!!

Basic Statistics: What premium should the insurance company charge for policy

Reference No:- TGS0108324

Recent Questions Asked Basic Statistics

Q : Develop formal mentoring programs

Q : Should take bet that that other side of card is also blue

Q : Additional marketing budget

Q : What is the firms average balance sheet

Q : What premium should the insurance company charge for policy

Q : Study the field of strategic management

Q : What are the annual credit sales

Q : Is it one-sided or two-sided test

Q : Describe the population and sample for the problem

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