Business, 06.10.2019 08:00 babiezoe15

Gan insurance company estimates the probability of an earthquake in the next year to be 0.0014. they estimate the average damage done by an earthquake to be $60,000. the company offers earthquake insurance for $120 per year, and when damage occurs, the company pays the full price to the customer. suppose you are working for the company and want to plan for their future finances. (a) what is the expected value of the insurance company’s payout to a customer in a year? $ equation editor equation editor (b) what is the expected value of the insurance company’s profit from each customer in a year? $ equation editor equation editor

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Gan insurance company estimates the probability of an earthquake in the next year to be 0.0014. they...