Complete the following table in preparation for a Monte Carlo simulation.
Definitions:
Deductible
The amount paid out of pocket by the policyholder before an insurance company pays a claim.
Insurance Coverage
The amount and types of risk or liability that are covered for an individual or entity by insurance services, against losses.
Flood Insurance
A specific type of insurance policy that covers property damage due to flooding, often required for buildings in flood-prone areas.
Diversification
An approach that involves putting money into different types of assets to minimize the total risk.
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