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Midlands Insurance has 100 policyholders. It expects that this year's losses for all of its ...

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Midlands Insurance has 100 policyholders. It expects that this year's losses for all of its ...

Midlands Insurance has 100 policyholders. It expects that this year's losses for all of its policyholders will total $111,000. The predicted expenses of operating the insurance pool are $46,000, expected investment earnings are $20,000, and the actuary determines that there is no need to charge for a risk reserve this year. What should the premium for each of Midland's 100 policyholders be?
A) $1,110
B) $1,370
C) $1,570
D) $1,770

Textbook

Introduction to Risk Management and Insurance

Edition: 10^th

Authors: Dorfman, Cather

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