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Question 7 5 pts 7. Suppose that the incurred losses are $100,000 in one policy period. Based on the following table, the premium of a

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Question 7 5 pts 7. Suppose that the incurred losses are $100,000 in one policy period. Based on the following table, the premium of a retrospective rating plan for this policy period is $ Standard Premium $400,000 Basic premium 10% Maximum premium $800,000 Minimum premium $200,000 Excess Loss Premium Factor 5% 1.1 Loss Conversion Factor 1.1 Tax Multiplier

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