An automobile insurance company issues a one-year policy with a deductible of 500. The probability is 0.8 that the insured autom
1 answer:
Answer:
y₀.₉₅ = 3659
Step-by-step explanation:
P( no accident ) = 0.8
P( one accident ) = 0
deductible = 500
mean = 3000
<u>Determine the 95th percentile of the insurance company payout </u>
Assuming : y =company payout , x =amount of loss incurred due to accident
Then :
P( x < 500 ) = 0.2 ( 1 - e^-500/3000)
= 0.2 ( 1 - e^-1/6 )
95th percentile =
= P( y < y₀.₉₅ ) 0.95
P( y = 0 ) = 0.8 + 0.2 ( 1 - e^-1/6 ) = 0.8307
attached below is the remainder of the solution
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