3. | An insurer sells a very large number of policies to people with the following loss distribution: Loss = $100,000 with probability 0.005 Loss = $ 60,000 with probability 0.010 Loss = $20,000 with probability 0.020 Loss = $ 10,000 with probability 0.05 Loss = $0 with probability 0.915 Assume the losses are uncorrelated. a) Calculate the expected claim cost per policy. Show your calculations. b) Should the expected claim cost per policy be included in the fair premium