Determine

question 71

Essay

Determine:

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Definitions:

Premium

The amount paid periodically to the insurer by the insured for covering his risk.

Expected Income

The amount of money an individual or entity anticipates earning over a certain period.

Probability

The measure of the likelihood that a particular event will occur, often expressed as a number between 0 and 1.

Insurance Market

A marketplace where individuals and entities can purchase insurance products to transfer risk and receive financial protection against loss.