Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Star Alliance insures 311,240 cars in one country. The company expects to pay $39,838,720 in incurred losses and loss adjustment expenses for insured damages to
Star Alliance insures 311,240 cars in one country. The company expects to pay $39,838,720 in incurred losses and loss adjustment expenses for insured damages to these cars. Based on their previous expense ratio, the insurer wants to allow for 36% for other expenses, profit, and a margin for contingencies. Calculate the gross premium paid by the insureds?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started