The premium that the insurance company should charge each year to realize an average profit of $500 is $6,900.
First step is to calculated the expected amount to pay
Expected amount=Total loss +50% loss+25% loss
Expected amount=$200,000(0.002)(1)+$200,000(0.01)(0.5)+$200,000(0.1)(0.25)
Expected amount=$400+$1,000+$5,000
Expected amount=$6,400
Second step is to calculate the premium
Premium=Expected amount+ Average profit
Premium=$6,400+$500
Premium=$6,900
Inconclusion the premium that the insurance company should charge each year to realize an average profit of $500 is $6,900.
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Answer:
The major purpose of a database is to provide the information system (in its broadest sense) that utilizes it with the information the system needs according to its own requirements
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A salesman marketing CRM software would ask inquiries regarding maintaining and preserving customer relationships.
<h3>Why is Customer Relationship Vital in Business Setting?</h3>
Customers' relationships are vital for company owners to establish long-term success. Developing a working connection with consumers is crucial for strategic and long-term success.
Customers feel more comfortable and engaged with a company when they have a solid connection based on trust and communication, which may lead to higher customer turnover and recurrent purchases.
Questions on customer wants can include;
- "How do you keep in contact with potential customers and maintain connections with them?"
A salesman marketing CRM software would ask inquiries regarding maintaining and preserving customer relationships within the preapproach phase to gain a deep understanding of his customer's wants.
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Business strategy Creating an AI strategy for the sake of it won’t produce great results. To get the most out of AI, it must be tied to your business strategy and your big-picture strategic goals. That’s why the first step in any AI strategy is to review your business strategy.
Answer:
The rock cycle describes how rocks change as a result of natural processes. The rock cycle forms new rocks using the crystallization, erosion and compaction processes. This makes the correct answer: D: all of the above. Igneous rocks for example are rocks formed from the crystallization( formation of rock crystals in cooling magma) of a liquid. Sedimentary rocks are formed by erosion. However, in order to form a sedimentary rock, the accumulated sediment must become compacted and cemented together.
