The International Maritime Bureau Said the Waters Off Somalia Are

question 3

Multiple Choice

The International Maritime Bureau said the waters off Somalia are the world's most dangerous, accounting for nearly a third reported pirate attacks worldwide between January and September 2008. Suppose all boats are insured to $100,000 and pay a premium of $10,000 each. Suppose 10 out of 100 boats are attacked by pirates and these 10 file claims with their insurance. What is the value of the claims?

• A) One trillion dollars
• B) One billion dollars
• C) One million dollars
• D) One hundred thousand dollars

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