Define the law of large numbers as it relates to the insurance industry. (15 Points) What are its implications and uses within the insurance system? (15 Points) Fr. B If you were to begin an automobile insurance company to insure autos in the State of Michigan, what form of organization type of insurance company structure) would you choose? Explain your answer. You might want to include entity type, type of distribution and any other factors that support your choice. 30 Points) 1 A- B $ The following three questions need to be answered to maximize points. They are: 1. Long-term care insurance typically provides for which kinds of care? (10 points) 2. Long-term care is best suited or designed for individuals who can no longer perform which activities? (10 points) 3. The four basic elements that should be used in comparing long-term care policies are: (10 points) 7 A-BI % Health care plans under the Affordable Care Act must do or are required to provide, at a minimum, certain key provisions. While there we a number of these mandatory provision please name three. (10 points for each correct provision, max of 30 points) 7 X Fr A- B There are a number of insurance intermediaries in the marketplace. What are the advantages and disadvantages of different types of insurance intermediaries from the perspective of a policyholder? Please select three types of intermediaries and answer the above question Each one you list and the supporting answer is worth 10 points. You will receive 5 points for naming the type and 5 points in support your choice Max of 30 points for the whole question x F A- B