2. Al Qatryah Insurance Company SAOG in Oman has offered a wide selection of Life& General Insurance Products to satisfy its customers. The company provided thefollowing information about a policy. It shows that the premium payment depends onmany variables such as age, gender, face value of policy and frequency of premiumpayment.Straight-LifeFemale10-Year Fixed Rate20-Year Fixed RateFemale1.171.231.412.33MaleMaleFemaleMaleAge201.211.821.762.723.494.022.63301.271.911.853.382.133.516.88401.462.203.88502.414.725.185.017.933.63604.567.118.21Percent ofAnnualPeriodSemiannuallyQuarterlyMonthlyPremium51.0026.008.75Questionsi) Assume you are a 20-year-old female and want to buy OMR 110,000face value scheme,what is the annual premium using a 20-year fixed rate scheme?ii) Assume your father who is 40 years old wants to buy OMR 110,000face value policy.He wants to pay premium semi-annually. How much will be the premium using 20-year fixed rate policy?

Before start answering we find out the meaning of some terms includes in the question. This question…

2. Al Qatryah Insurance Company SAOG in Oman has offered a wide selection of Life & General Insurance Products to satisfy its customers. The company provided the following information about a policy. It shows that the premium payment depends on many variables such as age, gender, face value of policy and frequency of premium payment. Straight-Life Male 2.72 10-Year Fived Rate 20-Year Fixed Rate Age 20 Male Female Male Female Female 1.21 1.17 1.82 1.76 1.27 1.46 2.63 3.38 3.88 30 1.23 1.85 2.13 3.51 3.49 4.02 5.18 1.91 2.20 3.63 7.11 40 1.41 50 2.41 2.33 5.01 60 4.72 4.56 6.88 8.21 7.93

2. Al Qatryah Insurance Company SAOG in Oman has offered a wide selection of Life & General Insurance Products to satisfy its customers. The company provided the following information about a policy. It shows that the premium payment depends on many variables such as age, gender, face value of policy and frequency of premium payment. Straight-Life Male 2.72 10-Year Fived Rate 20-Year Fixed Rate Age 20 Male Female Male Female Female 1.21 1.17 1.82 1.76 1.27 1.46 2.63 3.38 3.88 30 1.23 1.85 2.13 3.51 3.49 4.02 5.18 1.91 2.20 3.63 7.11 40 1.41 50 2.41 2.33 5.01 60 4.72 4.56 6.88 8.21 7.93

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter5: Probability: An Introduction To Modeling Uncertainty

Section: Chapter Questions

Problem 17P: The probability distribution for damage claims paid by the Newton Automobile Insurance Company on...

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