Alpha Geek

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Category > Engineering Posted 13 May 2017 My Price 7.00

What should be his insurance premium for the next year?

For simplicity, let us assume that there are two kinds of drivers. The safe drivers, who are 70% of the population, have probability .1 of causing an accident in a year. The rest of the population are accident makers, who have probability .5 of causing an accident in a year. The insurance premium is $400 times one’s probability of causing an accident in the following year. A new subscriber has an accident during the first year. What should be his insurance premium for the next year?

Answers

Alpha Geek
(8)
Status NEW Posted 13 May 2017 04:05 AM My Price 7.00

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