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Determine the mode of the loss distribution for the three year coverage. | Determine the mode of the loss distribution for the three year coverage. | ||
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<li>500</li> | <li>500</li> | ||
<li>750</li> | <li>750</li> | ||
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<li>2,000</li> | <li>2,000</li> | ||
<li>2,500</li> | <li>2,500</li> | ||
</ | </ul> | ||
Latest revision as of 00:01, 7 July 2024
An insurance policy offers coverage for three years. You are given the following about the annual loss:
- Annual losses are independent
- The annual loss has an exponential distribution with mean 500
Determine the mode of the loss distribution for the three year coverage.
- 500
- 750
- 1,000
- 2,000
- 2,500