SOA Exam P Sample Question 447
Study guide: Exam P-1
The amount of money stolen from an insured home during a burglary is modeled by a random variable that is uniformly distributed on the interval [0, 1000]. The claim payment that the insurer makes for such a loss under its homeowners policy has the following characteristics:
i) The claim payment equals a constant percentage, p, of the amount by which the loss exceeds 400.
ii) The expected claim payment is 90.
Calculate p.
- A)
15\% - B)
18\% - C)
30\% - D)
50\% - E)
75\%
Answer this question and see the worked solution