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Insurance Diagram Total Utility A U(W-L) B W-L P(W-L)+(1-p)W Wealth Expected If an insurance company charges more than the actuarially fair premium, people will not buy insurance F (TRUE/FALSE). Match each of the terms on the left to the correct letter in the figure For the terms not matched to a letter in the diagram - select option 7. Actuarially fair premium = expected loss PU(W+L)-(1-p)U(W) 1. A False 2. B Amount below the actuarially fair premium 3. willing to pay U(W) 4. D