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OpenStudy (anonymous):
Assume that you have a car worth $35,000 and you wish to insure it for its full replacement value if it is stolen. If there is a 2% chance that the car will be stolen, what would a fair premium price be?
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OpenStudy (whpalmer4):
assuming the insurer is willing to sell you insurance at cost (no profit), a fair premium would be the replacement value * the probability of loss
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