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miss Akunina [59]
3 years ago
12

A Statement of Financial Position is a formal statement presenting the three accounting elements which are?

Business
1 answer:
RSB [31]3 years ago
4 0

The financial statement called the Statement of Financial Position is also known as the Balance Sheet.

The three accounting elements that are included on this statement are the Assets, Liabilities and Owner’s Equity.

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An insurer sells a very large number of policies to people with the following loss distribution: $100,000 with probability 0.005
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Answer:

a) $2000

b)  $1,886.7925

C) $2,036.7925

Explanation:

First, the question states to determine the expected claim cost per policy

Expected Claim Cost represents the fund required to be paid by an insurer for a particular contract or a group of contracts as the case maybe. This is usually based on the policy taken.

A) Expected Claim Cost per policy

= (Policy Loss Value A x its probability) + (Policy Loss Value B x its probability) + (Policy Loss Value C x its probability)+(Policy Loss Value D x its probability)+ (Policy Loss Value E x its probability)

= ( (100000 x 0.005 )+ (60000 x 0.010) + (20000 x 0.02) + (10000 x 0.05) + 0 = $2000

Part B: discounted expected claim cost per policy

Since, the sum of $2000 is expected to be paid by the insurer by the end of the year, the interest to be earned based on the rate  (discounting used)

=$2,000 ÷ (1  + 0.06)

= $1,886.7925

Part C:: Determine the Fair Premium

Fair Premium is calculated as follows

The discounted policy claim cost + the Processing Cost per application + The fair profit loading

= $1,886.7925+ $100+50 = $2,036.7925

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