Gampel Insurance Company is preparing several insurance proposals for Mirror Lake Manufacturing. The estimated loss distribution for Mirror Lake is as follows: This loss distribution is the same for each question in this assignment. Each full question is worth 20 points (5 points per part) 2. Assume: - Losses occur and are paid one year from policy inception - Acquisition expenses are 15% of fair premium and are paid at policy inception - Claim settlement expenses are $300 per claim, and are payable when the losses are paid - Fair profit provision is 10% of fair premium - Interest rate is 3%. a. What is the provision in the fair premium for the (discounted) claim settlement expenses? b. What is Gampel's estimate of the fair premium? c. What is the provision in the fair premium for acquisition expenses? Gampel Insurance Company is preparing several insurance proposals for Mirror Lake Manufacturing. The estimated loss distribution for Mirror Lake is as follows: This loss distribution is the same for each question in this assignment. Each full question is worth 20 points (5 points per part) 2. Assume: - Losses occur and are paid one year from policy inception - Acquisition expenses are 15% of fair premium and are paid at policy inception - Claim settlement expenses are $300 per claim, and are payable when the losses are paid - Fair profit provision is 10% of fair premium - Interest rate is 3%. a. What is the provision in the fair premium for the (discounted) claim settlement expenses? b. What is Gampel's estimate of the fair premium? c. What is the provision in the fair premium for acquisition expenses