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321 Aav A e. Au AaBbce de AaBbCebd III! Heading 1 Normal No Spacing 13. Create a car thief insurance policy. For full credit, include a deductible (100) a. Identify the premium (cost of the policy); payout amount (if the car is stolen) and deductible. Your goal is for your expected value to be about 20% of the cost of the policy in your favor, of course!) Premium 800S Payout 1605 Deductible SOS b. Write a probability distribution table that represents the situation, from the insurance company's perspective X -160 640 P(x) EV =(-16090 +6400 - (19.4% loss) c. Calculate the expected value, as a dollar amount and as a percent of the premium Ans. Ans. d. Explain the meaning of the expected value in plain English. Ans. The expected value is what the insurance company expects to gain based on the probability the car is stolen. I states) Focus MacBook 321 Aav A e. Au AaBbce de AaBbCebd III! Heading 1 Normal No Spacing 13. Create a car thief insurance policy. For full credit, include a deductible (100) a. Identify the premium (cost of the policy); payout amount (if the car is stolen) and deductible. Your goal is for your expected value to be about 20% of the cost of the policy in your favor, of course!) Premium 800S Payout 1605 Deductible SOS b. Write a probability distribution table that represents the situation, from the insurance company's perspective X -160 640 P(x) EV =(-16090 +6400 - (19.4% loss) c. Calculate the expected value, as a dollar amount and as a percent of the premium Ans. Ans. d. Explain the meaning of the expected value in plain English. Ans. The expected value is what the insurance company expects to gain based on the probability the car is stolen. I states) Focus MacBook