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Losses in 2013 follow a beta distribution with parameters a=b=1 and =1,000. An insurance coverage on the losses has a policy limit of 800. Calculate

Losses in 2013 follow a beta distribution with parameters a=b=1 and =1,000. An insurance coverage on the losses has a policy limit of 800.

Calculate the variance of the payment per loss on the coverage for the year 2013.

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