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[Step-by-Step] The probability distribution for collision insurance claims paid by the T. J. Automobile Insurance Company is as follows: Claim Probability $0

Question: The probability distribution for collision insurance claims paid by the T. J. Automobile Insurance Company is as follows:

Claim Probability
$0 0.90
$500 0.04
$1000 0.03
$2000 0.01
$3000 0.01
$4000 0.01
  1. Use the expected collision claim amount to determine the collision insurance premium that would allow the company to break even on the collision portion of the policy.

Price: $2.99
Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document


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