Course Solutions Uncategorized 1 000 000 Worth Equipment Job Site Wish Minimize Risk Direct Property Damage Taking Insura Q34302848

1 000 000 Worth Equipment Job Site Wish Minimize Risk Direct Property Damage Taking Insura Q34302848

You have $1,000,000 worth of equipment at the job site and wish to minimize your risk of direct property damage by taking out an insurance policy. The insurance company provides you with its statistical data as shown below If the insurance company uses expected value to calculate premiums, then how much would you expect the premium to be, assuming the insurance company adds on $300 for handling and profit? Type of damage Total Medium Low No damage Pinkwabiliy (%) 0.02 0.08 0.10 998 Amount of damage (Loss) (%) 100 40 20

You have $1,000,000 worth of equipment

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