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#The deductible is 400 for claims up to 500. | #The deductible is 400 for claims up to 500. | ||
#For claims of 500 or more, the deductible disappears linearly, until completely disappearing for claims of 2100 and beyond. #There is no policy limit. | #For claims of 500 or more, the deductible disappears linearly, until completely disappearing for claims of 2100 and beyond. | ||
#There is no policy limit. | |||
The policyholder submits a claim of X and receives a payment of 0.6X. | The policyholder submits a claim of X and receives a payment of 0.6X. | ||
Latest revision as of 23:43, 21 March 2024
You are given the following information about a homeowners insurance policy:
- The deductible is 400 for claims up to 500.
- For claims of 500 or more, the deductible disappears linearly, until completely disappearing for claims of 2100 and beyond.
- There is no policy limit.
The policyholder submits a claim of X and receives a payment of 0.6X.
Calculate X.
- 618
- 808
- 1000
- 1300
- 1420
Copyright 2023. The Society of Actuaries, Schaumburg, Illinois. Reproduced with permission.