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OpenStudy (anonymous):
Assume that you have a car worth $7,150 and you wish to insure it for its full replacement value. If there is a 2% chance that the car will be stolen, what would a fair premium price be?
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OpenStudy (anonymous):
sorry for write this message to send u i don't know how to reply to u answer dear friend
OpenStudy (tkhunny):
Fair Premium? No idea. FAR, FAR too little information for that. 7150 * 0.02 = 143 $143 is the cost of the expected insurance claim. An insurance company will have to charge more than than in order to stay in business.
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