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A large, well-established home insurance company writes insurance policies to cover losses from fire, theft, and vandalism. In a recent financial review, managers discovered that company performance was lagging behind projections. They examined pricing and claims history in more detail and identified a group of about 10,000 customers whose claims far exceeded the collected premiums. Members of the actuarial group, whose compensation was partially tied to profitability of the policies they priced, were particularly frustrated. How would you recommend the insurer address this problem? Before continuing, first answer the following 3 questions to diagnose and solve the problem. Then, please elaborate in your answer to the question above. 1) Who is making the bad decision? 2) Do the actuaries have enough information to make a good decision? 3) Do the actuaries have the incentive to make a good decision?
The city of Springville is building a new fire station. The city is expanding and is in need of a second fire station closer to the newer areas of the city to ensure shorter response times. The project manager and the project team have been selected ..
No security leaks had been found In accepting Piraeus resignation President Obama praised Piraeus leadership during the Iraq and Afghanistan wars and said By any measure through his lifetime of service David Petra us has made our country safer and s..
A total of $400,000 will be deposited one year from now for the gas pipeline maintenance in the area. They estimate that the deposit amount will increase by $80,000 per year for 6 years thereafter, determine the equivalent: (a) Present worth and (b) ..
Using a production possibilities curve, demonstrate how the GI Bill affected economic growth and explain your answer.
Suppose the U.S. economy is in a recession and faces relatively high inflation. List the twin problems which policymakers face. List the monetary policy approaches the Fed could take to resolve each problem (i.e, do not list the policy tools—just des..
Explain and illustrate graphically the effect of the following on the monetary base and the level of reserves. The Fed lends the Bank of America additional $20 million but depositors withdraw $5million. Central bank purchases $30 million of governmen..
In your opinion, discuss when it makes sense to forego purchasing car insurance (assuming the state did not require it). In your answer, use moral hazard and risk aversion to describe your decision.
Suppose the own price elasticity of demand for good X is -4, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 4. Determine how much the consumption of this good will change..
First degree price and third degree price discrimination work to increase a firm's profits by more accurately matching willingness to pay to the marginal costs of production. First-degree price discrimination works to increase a firm's profits by con..
In general, large current account deficits have to finance by:
Among the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound money supply, a low saving rate, poor capital base, and lack of foreign exchange. Elucidate how these problems are int..
Illustrate what is the difference among the Marxist also the Value Conflict approach to social problems
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