An insurance company expects 8% of its policyholders to collect claims of $1000 this year and the remaining 92% to collect no claims. What is the expected value, u, for the amount they will pay outin claims per person?μ = $per person (in the long run)

The objective of the question is to calculate the expected value of the amount the insurance company…

Answered: An insurance company expects 8% of its…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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An insurance company expects 8% of its policyholders to collect claims of $1000 this year and the remaining 92% to collect no claims. What is the expected value, u, for the amount they will pay out in claims per person? μ = $ per person (in the long run)