Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

An insurance company A wants to estimate the revenue it can receive using the data. Suppose that it can generate $1000, $600, $200 from people

image text in transcribed
An insurance company A wants to estimate the revenue it can receive using the data. Suppose that it can generate $1000, $600, $200 from people with excellent, very good, and good health status respectively. Further suppose that it cannot generate revenue from a fair health status person, and loses $150 from a poor health status person. Assuming that 1) there are only two insurance companies, including A, 2) they insure the same number of people, and 3) nobody has more than one insurance coverage, how much revenue can company A expect to generate from a population of 10000? Show your work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Fundamentals of Thermal-Fluid Sciences

Authors: Yunus A. Cengel, Robert H. Turner, John M. Cimbala

5th edition

978-0078027680

Students also viewed these Mathematics questions

Question

Define promotion.

Answered: 1 week ago

Question

Write a note on transfer policy.

Answered: 1 week ago

Question

Discuss about training and development in India?

Answered: 1 week ago

Question

Explain the various techniques of training and development.

Answered: 1 week ago