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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

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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 20% Maximum premium $1,000,000 Minimum premium $400,000 Excess Loss Premium Factor 10% Loss Conversion Factor 1.20 Tax Multiplier 1.10

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