Gampel Insurance Company is preparing several insurance proposals for Mirror Lake Manufacturing. The estimated loss distribution for Mirror Lake is as follows: Loss Amount Probability $350,000 1% $ 100,000 4% $50,000 10% $20,000 25% $5,000 35% $0 25% This loss distribution is the same for each question in this assignment. Each full question is worth 20 points (5 points per part) 1. Assume: - Losses occur and are paid one year from policy inception -Underwriting expenses are 10% of pure premium and are paid at policy inception - Claim settlement expenses are 20% of pure premium and are paid when the losses are paid - Fair prot provision is 6% of pure premium -Interest rate is 5%. a. What is Gampel's estimate of the pure premium? b. What is the provision in the fair premium for (discounted) claims settlement expenses? c. What is the fair prot loading for the premium? (1. What is Gampel's estimate of the fair premium