1. 1A-What variable is used to represent insurance premium? a. q b. p c. r d. IS

Question

1.

1A-What variable is used to represent insurance premium?

a.q

b.p

c.r

d.IS

e.IH

1B-Which equation represents FAIR insurance

a.r > (p x q)

b.r < (p x q)

c.p = (r x q)

d.(q / r) = p

e.none of the above

1C-The situation of UNFAIR insurance [ r > (p x q) ] is unfair from the point of view of

a.doctors

b.insurance companies

c.patients

d.all of the above

1D-For the purpose of making profits insurance companies have to make insurance

a.fair

b.unfair

c.can be either fair or unfair

d.none of the above

1E-Which type of insurance is possible?

a.fair and full

b.fair and partial

c.unfair and full

d.unfair and partial

e.all of the above

Explanation / Answer

1A. b

1B.b

1C. c

1D. d

1E. a

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