need answers ASAP

1. Assume you have 300,000 worth of assets (W). This includes savings, property and your car. You use the car to drive to school/university every day and there is a 1 in 20 (or 5 per cent) chance per year that you will be involved in an accident that results in the car being a write-off. Assume its market value is 40,000 and remains the same i.e. it does not depreciate. You can take out a full insurance policy for the year that pays out the full 40,000 market value of the car if you have the accident. Assume the insurance company has many customers with exactly the same assets as you and who all face the same risk of being involved in a similar accident e. What is the break-even/actuarially fair insurance premium in this case? 1. Draw a diagram to illustrate your answers to the previous questions