RMI 2101 Risk Management and Insurance Analysis
An assignment in risk management and insurance, focusing on analysis and decision-making processes.
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RMI 2101 Risk Management and Insurance Analysis
RMI 2101 Sections 003 and 005
SPRING 2013
HOMEWORK ASSIGNMENT 5
30 Points
DUE ON FRIDAY, MARCH 8, 2013 AT THE BEGINNING OF CLASS
Be careful to follow the Guidelines for Homework Document located in the
Course Documents Section of Blackboard. You will lose points for not following
proper format.
Although this assignment does not have to be typed, you should submit it on 8½
x 11 paper. No torn-out pages from a spiral notebook will be accepted. Be sure
you follow other guidelines contained in the Guidelines for Homework
Document.
1. The Civil Air Patrol (CAP) owns airplanes used for search and rescue
missions. In the course of their activities, CAP sustains losses in the form
of property damages to their airplanes. Assume that the CAP covers two
major regions in PA– the Northeast (NE) and the Southwest (SW).
Assume that the following information is based on the past 10 years of
data and you are projecting for the year 2014.
The CAP has the following data for the number of accidents per airplane
in the NE Region.
# of accidents per airplane
per year Probability of having this # of
accidents
0 .60
1 .25
2 .10
3 ?
a. What is the random variable illustrated here? (2 points)
RMI 2101 Sections 003 and 005
SPRING 2013
HOMEWORK ASSIGNMENT 5
30 Points
DUE ON FRIDAY, MARCH 8, 2013 AT THE BEGINNING OF CLASS
Be careful to follow the Guidelines for Homework Document located in the
Course Documents Section of Blackboard. You will lose points for not following
proper format.
Although this assignment does not have to be typed, you should submit it on 8½
x 11 paper. No torn-out pages from a spiral notebook will be accepted. Be sure
you follow other guidelines contained in the Guidelines for Homework
Document.
1. The Civil Air Patrol (CAP) owns airplanes used for search and rescue
missions. In the course of their activities, CAP sustains losses in the form
of property damages to their airplanes. Assume that the CAP covers two
major regions in PA– the Northeast (NE) and the Southwest (SW).
Assume that the following information is based on the past 10 years of
data and you are projecting for the year 2014.
The CAP has the following data for the number of accidents per airplane
in the NE Region.
# of accidents per airplane
per year Probability of having this # of
accidents
0 .60
1 .25
2 .10
3 ?
a. What is the random variable illustrated here? (2 points)
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Document Details
University
Temple University
Subject
Business Management