FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. Suppose that the incurred losses are $800.000 in one policy period. Mr. Arthur has a retrospective rating plan. Based on the following table at

image text in transcribed
image text in transcribed
2. Suppose that the incurred losses are $800.000 in one policy period. Mr. Arthur has a retrospective rating plan. Based on the following table at the end of this policy period Arthur would still need to pay the insurer $ Standard Premium $800,000 Basic premium 120% Maximum premium $1.000.000 Minimum premium $400,000 Excess Loss Premium Factor 10% Loss Conversion Factor 1.20 Tax Multiplier 1.10

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Gapenski's Healthcare Finance An Introduction To Accounting And Financial Management

Gapenski's Healthcare Finance An Introduction To Accounting And Financial Management

Authors: Kristin L. Reiter, Paula H. Song

7th Edition

1640551867, 9781640551862

More Books

Students also viewed these Finance questions

Question

★★★★★
Humid air at 1 atm, 35oC, and 45 percent relative humidity is cooled at constant pressure to the dew-point temperature. Determine the cooling, in kJ/kg dry air, required for this process.

Answered: 1 week ago

Question

★★★★★
Evaluate each of the following. (-1/4) 3

Answered: 1 week ago

Question

★★★★★
Is the use of fMRI and PET scan information to locate areas of the brain that correlate with specific cognitive functions the new phrenology, or do these approaches provide valid methods to evaluate...

Answered: 1 week ago

Question

★★★★★
The following transactions and events affected a Special Revenue Fund of Stem Independent School District during 20X4. 1. The chief accountant discovered that (a) the $20,000 proceeds of a sale of...

Answered: 1 week ago

Question

★★★★★
What are the potential advantages of using blockchain for prediction markets? A . Blockchain prediction markets are more centralized, making them easier to regulate. B . Blockchain prediction markets...

Answered: 1 week ago

Question

★★★★★
Ways retirees can uncover hidden costs before moving include: Multiple select question. talk to retirees and other local residents. call the local chamber of commerce. contact the province's tax...

Answered: 1 week ago

Question

★★★★★
Accounting for Gift Cards Assume Ikeo Inc. sold $160,000 of gift cards during the last two weeks of December 2020. No gift cards were redeemed in 2020, while $144,000 of the gift cards were redeemed...

Answered: 1 week ago

Question

★★★★★
Continue Mini Case 1 (the Accounting Cycle Part 1), the following information is available for FastForward in September that may need adjustments.1 1. By the end of September, FastForward has...

Answered: 1 week ago

Question

★★★★★
A water molecule is shown below. Both hydrogen atoms are the same distance from the oxygen atom and are in the x-y plane. Choose the origin to be the center of the oxygen atom, the + x direction to...

Answered: 1 week ago

Question

★★★★★
Leon, age 45, is an active participant in his employer's defined benefit retirement plan, but he would also like to make a deductible contribution to a traditional IRA this year. Leon is married,...

Answered: 1 week ago

Question

★★★★★
Practice Problems 4. If the projection Pa and component Fb of the force F along oblique axes a and b are both 325 N, determine the magnitude F and the orientation 0 of the b-axis. F=424 N.0 17.95 75%...

Answered: 1 week ago

Question

★★★★★
Explain why employee counseling and wellness services can be considered HRD programs. Describe two elements counseling programs have in common with other HRD programs.

Answered: 1 week ago

Question

★★★★★
Suppose you are a restaurant manager who is conducting a coaching discussion with one of your servers about the servers repeated failure to complete store-closing operations before leaving for the...

Answered: 1 week ago

Question

★★★★★
What is meant by the term performance management, and how is this different from the performance appraisal practices that are common in many organizations?

Answered: 1 week ago

Previous Question Next Question