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The CRO of Creemore Beverages identified the following cost factors for its incurred loss retrospective rating plan: Policy Limit: $5,000,000 per occurrence Standard Premium: $750,000
The CRO of Creemore Beverages identified the following cost factors for its incurred loss retrospective rating plan: Policy Limit: $5,000,000 per occurrence Standard Premium: $750,000 Discount: $50,000 Basic Premium: 20% of standard premium Loss Conversion Factor: 1.10 Loss Limit: $500,000 per occurrence Excess Loss Premium Factor: 10% Tax Multiplier: 1.04 Maximum Premium: 150% Minimum Premium: 45% The Creemore Beverages basic premiums is: Group of answer choices $150,000 $125,000 $250,000 $100,000
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