The value of S for which Person X would accept the settlement. Introduction: Simulation model is the digital prototype of the physical model that helps to forecast the performance of the system or model in the real world.

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You have been appointed as a claims underwriter responsible for settlement of losses with clients. Below are details of events that you require to make a decision. Assume that both vehicles are insured by your insurance company. A passenger bus was travelling from point A to Point B when it collided with a parked saloon vehicle. The accident occurred on a road that is not authorized as a passenger route. The bus swerved to avoid hitting into a wall fence but ended up destroying part of a fence of a neighbor to the owner of a parked car.The car was parked partly on the gravel road. The car will definitely require panel beating. Four kids that live at the house whose fence was partly destroyed had strayed into the road while playing football causing the driver to swerve and hit into the car. The bus owner does not accept any responsibility what so ever claiming that he did not expect the bus to operate on that as it was taken to the garage for service. All passengers escape unhurt but…

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Chapter 9, Problem 37P

Summary Introduction

To determine: The value of S for which Person X would accept the settlement.

Introduction: Simulation model is the digital prototype of the physical model that helps to forecast the performance of the system or model in the real world.

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You have been appointed as a claims underwriter responsible for settlement of losses with clients. Below are details of events that you require to make a decision. Assume that both vehicles are insured by your insurance company. A passenger bus was travelling from point A to Point B when it collided with a parked saloon vehicle. The accident occurred on a road that is not authorized as a passenger route. The bus swerved to avoid hitting into a wall fence but ended up destroying part of a fence of a neighbor to the owner of a parked car.The car was parked partly on the gravel road. The car will definitely require panel beating. Four kids that live at the house whose fence was partly destroyed had strayed into the road while playing football causing the driver to swerve and hit into the car. The bus owner does not accept any responsibility what so ever claiming that he did not expect the bus to operate on that as it was taken to the garage for service. All passengers escape unhurt but…

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