Biology homework help. I need help creating a thesis and an outline on General insurance. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. BUSI 2060 (01) Chapter 4 Assignment Due: Wednesday, October 12, Problem A policy owner pays 000 in annual auto insurance premiums. Assume that he is in an accident and the insurance company has to pay $25,000 to cover liability claims and to repair the car. The insurance company expects to pay a total of $650,000 in claims for the year with respect to the group of policy owners of which this individual is a member. Expenses of running the business are $125,000 per year and the investment earnings on the premiums received are $30,000. How many insurance policies must the insurance company need to sell to break even (earn zero profit)? Assume that all policies are sold for a $1,000 premium. Answer 620Identify the dollar amount of loading charges per policy owner.Answer: Total money to be earned is 650,000The investment earnings on the premiums =30,0006500000 -30000 = 620000 $125000 need to earn from loading. $620000 need to earn from premium. If I am getting $1000 from 1 policy —–I will earn $620,000 from 620 policiesLoading charges is 125000/620=201.1Hence 620 policies and $201.6 or $202 loading charges per policy.Problem 2Identify and discuss three ways in which you can deal with insurable risks such as the possible loss resulting from a fire in your home.Answer: Three ways in which we can deal with insurable risks. We can chose to take comprehensive policies which cover all risk. With respect to the content of the house, actual cash value insurance or replacement cost insurance policy can be taken. To reduce the cost of premium we can also take a deductible. Following are the three ways to deal with insurable risks 1. Named- peril coverage- provides safety against loses that may occur from any of the list of perils named in the contract.2. All-risks coverage –takes care of all risk expect for any that may be particularly excluded.3. Scheduled property rider- list the items covered along with their value and also includes information about depreciation and serial numbers.Problem 3Name and describe the factors that the insurance company might consider when looking at your application for car insurance?Describe at least two actions you can take to reduce the overall automobile premium.Answer: Factors taken into consideration 1. Personal factors of the driver such as age, gender, marital status is considered before deciding the premium. Young people who have had driver’s training are considered less risk and hence given a lower premium. Similarly people who have had no accidents while driving are also considered less risk. Thus the personal characteristics are considered while calculating the premium.2. Type of car is also an important factor while calculating the premium because of the variation in the repair cost. A powerful car will have increased liability and higher accident benefits premiums.3. Use of car is another important factor in determining the premium. If more than one person drives the car and car is driven for long kilometers can also affect the risk. Similarly car used for home purpose has different premium than a car used for business purpose.4. Region can also impact the premium. Certain regions are more accident prone and hence cars from that area will have a higher premium.Two actions taken to reduce the overall automobile premium are : 1. To reduce the premium, if it is really an old car review physical damage coverage time to time. 2. By paying the deductibles3. Removing collision coverage on an old car.4. Selecting a car with lower cost of coverageProblem 4Describe the purpose of a policy endorsement/rider or personal property floater.Answer: A&nbsp.personal property floater is a policy that has taken into consideration&nbsp.all of the&nbsp.insureds& any location, and irrespective of where the insured is at the time of&nbsp.loss. This is an all&nbsp.perils&nbsp.coverage&nbsp.that&nbsp.doesn’t provide coverage for certain events, such as war or&nbsp.nuclear&nbsp.disaster.

Biology homework help