1) Daniel-James Insurance company will ensure an offshore Mobil Oil production platform
1) Daniel-James Insurance company will ensure an offshore Mobil Oil production platform against weather losses for one year. The president of Daniel-James estimates the following losses for that platform(in millions of dollars) with the accompanying probabilities:
Amount of Loss
(in millions of dollars)
Question A: what is the expected amount Daniel James will have to pay to Mobil in claims?
Question B: what is the likelihood that Daniel James will lose less than the expected value?
Question C: given that Daniel James suffers a loss, what is the probability that it is over 300 million?
Question D: Daniel James has set the annual premium at 2.0 million. Does that seem like a fair premium? Will it cover its risks?
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