This problem is similar to the Suppose you experience a loss of L dollars, and t

Q: This problem is similar to the Suppose you experience a loss of L dollars, and t

Deductible Amount = 1000 a.) If the whole loss is covered by insurance, then in that case after deducting the amount we will get (L - 1000) dollars b.) Since we are not getting 1000 dollars, we are losing 1000 dollars because this is the only amount which is not getting repaid. c.) The sum of above two parts is L dollars.

ID: 3067830 • Letter: T

Question

This problem is similar to the Suppose you experience a loss of L dollars, and the loss is covered by insurance with a deductible of $1,000. (This problem is similar to the problem on the first homework with 7 items in stock and a demand D.) (a) How much money would you receive from the insurance company if you file a claim for the loss L? (b) Assuming you file a claim, how much money do you lose due to the loss L? (Do not include the premium paid for the insurance.) (c) What is the sum of the answers to the previous two parts?

Explanation / Answer

Deductible Amount = 1000

a.)

If the whole loss is covered by insurance, then in that case after deducting the amount we will get

(L - 1000) dollars

b.)

Since we are not getting 1000 dollars, we are losing 1000 dollars because this is the only amount which is not getting repaid.

c.) The sum of above two parts is L dollars.

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This problem is similar to the Suppose you experience a loss of L dollars, and t

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