Suppose That,for the Coming Year,a Family Has Calculated Its Expected

question 144

Multiple Choice

Suppose that,for the coming year,a family has calculated its expected value for car repairs to be $3,000.The family decides to buy a car insurance policy that would cover such claims.This insurance policy would cost a total of $3,000 for the household.This insurance policy is:

• A)overcharging the family and is not fair.
• B)an example of a fair insurance policy.
• C)undercharging the family.
• D)not appropriate for the family,and they should not buy it.

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