Answer ALL questionsQuestion 1(a)Given the following information:●A sample of 2000 claims contains 1700 claims that are no greater than $6,000, 30claims that are greater than $6,000 but no greater than $7,000 and 270 claims thatare greater than $7,000.If a policy limit, u apply on to these claims, E[X Au] total amount of claim paidnumber of claimsGiven E[X A $6,000] = 1810The total amount of 30 claims that are greater than $6,000 but no greater than$7,000 is $200,000.Find E[X A $7,000] based on this sample.(b) You are given the following information:A large risk has a lognormal claim size distribution with parameter μ = 8.443 ando = 1.239.The insurance agent for the risk settles all claims under $5,000. (Claims of $5,000or more are settled by the insurer, not the agent.)Determine the expected value of claim per payment settled by the insurance agent.(c) You are given the following:Based on observed data truncated from above at $10,000, the probability of aclaim exceeding $3,000 is 0.30.Based on the underlying distribution of losses, the probability of a claimexceeding $10,000 is 0.02.Determine the probability that a claim exceeds $3,000 (original probability without thetruncation applied).

(a) To find E[XA $7,000], we need to first calculate the number of claims that are greater than…

Answered: Answer ALL questions Question 1 (a)…

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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