Business, 30.07.2021 05:00 electrofy456

An automobile owner has 40% chance of having exactly one accident in a year and 60% chance of having no accidents in a year. There is no chance that the automobile owner incurs more than one accident in a year. If there is an accident, the loss amount has the following distribution: Loss Amount3060100180Probability0.300.15 0.450.10Loss AmountProbability300.30600.151000.4 51800.10 Suppose there is an ordinary deductible of $40 and the maximum payment by the insurer is $130. Determine the standard deviation of the payment made by the insurer to the automobile owner.

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An automobile owner has 40% chance of having exactly one accident in a year and 60% chance of having...

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