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What is the expected amount daniel james will have

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Reference no: EM13905143

Daniel-James Insurance company will ensure an offshore Mobil Oil production platform against weather losses for one year. The president of Daniel-James estimates the following losses for that platform(in millions of dollars) with the accompanying probabilities:

Amount of Loss

(in millions of dollars)

Probability

0

0.98

40

0.016

300

0.004

Question A: What is the expected amount Daniel james will have to pay to mobil in claims?

Question B: What is the likelihood that Daniel james will actually lose less than the expected amount?

Question C: Given that Daniel james suffers a loss, what is the likelihood that it is over 300 million?

Question D: Daniel james has set the annual premium at 2.0 million. does that seem like a fair premium? will it cover its risks?

Reference no: EM13905143

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