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## Maritime Insurance Company offers insurance policies for rec

Paper help Economics Maritime Insurance Company offers insurance policies for rec

# Maritime Insurance Company offers insurance policies for rec

Maritime Insurance Company offers insurance policies for recreational boats. A typical policy will… Show more Maritime Insurance Company offers insurance policies for recreational boats. A typical policy will pay the replacement cost of \$25,00 if the boat is a total loss.If the boat is not a total loss but the damage is more than \$10,000 the policy pays \$5,000. For damage under \$10,000, no coverage is offered. The company estimates the probability of no damage to be .60, the probability of damage between \$0 and \$10,000 to be .25, and the probability of damage between \$10,000 and \$25,000 to be.12 If the company wants to make a profit of \$200 above the expected cots, what should be the price of the policy? • Show less

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