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Terrance Said:

insurance math question??????????? i am so desperate for help!!!?

We Answered:

a.
E(value of claim) = sum of (value * probability of outcome) for all possibilities
= ($300,000 * 1/4000) + ($100,000 * 1/3000) + ... + ($1,000 * 1/20)
= $383.33
E(value of policy) = value of policy - E(value of claim) = 463 - 383.333 = almost $80

b.
Probabilities add to one, and there is a higher probability of having no claim to having a claim, and higher probabilities of small claims compared to larger claims, so on average the value of claims made will be less than the premiums charged and the company will make a profit.

c.
Insurance is important to negate the possibilities of large claims. While they may be able to afford smaller claims of $1000 or $10000, they will find it difficult to finance larger claims like $300000 either quickly, or on their own. They can consider the insurance premiums as a form of saving toward a potential future payment.

Francisco Said:

What is the deal with health insurance?

We Answered:

.... new evidence has emerged of a widespread gap in the cost of health insurance, as women pay much more than men of the same age for individual insurance policies providing identical coverage, according to new data from insurance companies and online brokers.

Insurers say they have a sound reason for charging different premiums: Women ages 19 to 55 tend to cost more than men because they typically use more health care, especially in the childbearing years.

But women still pay more than men for insurance that does not cover maternity care. In the individual market, maternity coverage may be offered as an optional benefit, or rider, for a hefty additional premium.

In general, insurers say, they charge women more than men of the same age because claims experience shows that women use more health care services. They are more likely to visit doctors, to get regular checkups, to take prescription medications and to have certain chronic illnesses.

The disparities are evident in premiums charged by major insurers like Humana, UnitedHealth, Aetna and Anthem, a unit of WellPoint; in prices quoted by eHealth, a leading online source of health insurance; and in rate tables published by state high-risk pools, which offer coverage to people who cannot obtain private insurance.

Humana, for example, says its Portrait plan offers “ideal coverage for people who want benefits like those provided by big employers.” For a Portrait plan with a $2,500 deductible, a 30-year-old woman pays 31 percent more than a man of the same age in Denver or Chicago and 32 percent more in Tallahassee, Fla.

In Columbus, Ohio, a 30-year-old woman pays 49 percent more than a man of the same age for Anthem’s Blue Access Economy plan. The woman’s monthly premium is $92.87, while a man pays $62.30. At age 40, the gap is somewhat smaller, with Anthem charging women 38 percent more than men for that policy.

Article by Robert Pear - New York Times

Terrence Said:

Advice on Car Insurance please?

We Answered:

It depends on:

- What province you're moving back to;
- Which company you'll be insured with in that province;
- What country you were driving in;
- If you have an experience letter, translated in English (French would be acceptable in Quebec), from the insurance company(s) you were insured with while you were away;

Without these details the best answer anyone here can give is: maybe.

Aaron Said:

how to calculate the premium for car insurance next year?

We Answered:

Help yourself - you can check your quotes in internet, for example here - car-insurance.66ghz.com

Tonya Said:

How far bacl in your insurance history can/does an insurance co. go when calculating your car insurance?

We Answered:

You can compare how the insurance quotes would change, for example here - autoinsurance.maclenet.com

Diana Said:

how can I calculate what my car insurance pymt is if there is 3 cars listed with no seperate price for each?

We Answered:

The payments are not broken out per vehicle since the billing is per policy. You can prorate the payments if you are pitching in on the bill.

Vehicle #1 is about 42% of the total bill. Half of 42% is 21%. Your share of the cost for that vehicle would be 21% of the down payment on the policy and 21% of each monthly payment.

If this is a 6-month policy, with 6 equal payments of $295.83, and no down payment, then your share of vehicle #1 would be $62.13 per month. Crunch the numbers for your situation to get the exact allocation for everyone who is pitching in on the cost.