Multiple Choice
Solve the problem.
-An insurance company will insure a $240,000 home for its total value for an annual premium of $580. If the company spends $30 per year to service such a policy, the probability of total loss for Such a home in a given year is 0.001 and you assume either total loss or no loss will occur, what is The companyʹs expected annual gain (or profit) on each such policy?
A) $310
B) $340
C) $260
D) -$240
Correct Answer:
Verified
Correct Answer:
Verified
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