Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
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Question
Chapter 20.2, Problem 3RQ
To determine
On insurance deals worth gaining for buyers and sellers.
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How can you use Microsoft Excel and your agility and problem solving skills to understand the level of risk involved in selecting the appropriate insurance to achieve your goals. How will problem solving, productivity, technology, and agility help you achieve your personal and professional goals?
Detail a risk that could be transferred to an insurance company, but isn’t utilized as often as the most common ones mentioned. Explain the risk that can be transferred, when it’s used, and why it isn’t.
How does insurance creates wealth?
Chapter 20 Solutions
Microeconomics (13th Edition)
Ch. 20.1 - Prob. 1RQCh. 20.1 - Prob. 2RQCh. 20.1 - Prob. 3RQCh. 20.1 - Prob. 4RQCh. 20.2 - Prob. 1RQCh. 20.2 - Prob. 2RQCh. 20.2 - Prob. 3RQCh. 20.2 - Prob. 4RQCh. 20.3 - Prob. 1RQCh. 20.3 - Prob. 2RQ
Ch. 20.3 - Prob. 3RQCh. 20.3 - Prob. 4RQCh. 20.4 - Prob. 1RQCh. 20.4 - Prob. 2RQCh. 20.4 - Prob. 3RQCh. 20 - Prob. 1SPACh. 20 - Prob. 2SPACh. 20 - Prob. 3SPACh. 20 - Prob. 4SPACh. 20 - Prob. 5SPACh. 20 - Prob. 6SPACh. 20 - Prob. 7APACh. 20 - Prob. 8APACh. 20 - Prob. 9APACh. 20 - Prob. 10APACh. 20 - Prob. 11APACh. 20 - Prob. 12APACh. 20 - Prob. 13APACh. 20 - Prob. 14APACh. 20 - Prob. 15APACh. 20 - Prob. 16APACh. 20 - Prob. 17APACh. 20 - Prob. 18APACh. 20 - Prob. 19APACh. 20 - Prob. 20APACh. 20 - Prob. 21APACh. 20 - Prob. 22APACh. 20 - Prob. 23APA
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- How might adverse selection make it difficult for an insurance market to operate?arrow_forwardAuto insurance can protect you while you are walking on the street or riding a bicycle. True or Falsearrow_forwardSuppose you have $5,000 as a gift from your parents just after you graduate. You have a car, your great grandfather’s rare World War I commemorative badge collection and you quickly found a place to rent for a while. You work in a factory that has a history of workplace injury and you work near the conveyor belts and other giant machines. You are single and live by yourself. Based on this information, what types of insurance would you need to purchase? List each type you would need and explain in 1-2 sentences why.arrow_forward
- What is insurancearrow_forwardRobert decides to start working for the local ridesharing company. He has a large 12-passenger van and thinks he will be in big demand at the airport. He tells his personal car insurance company that he is driving for a ridesharing company, and he needs some additional insurance. He is denied additional coverage. Why? There is no such thing as ridesharing insurance. He lives in a state that doesn’t offer ridesharing insurance. The city he lives in is too small for him to qualify for ridesharing insurance. Many insurance companies will not insure high-occupancy vehicles under their ridesharing policies.arrow_forwardrisk management questionarrow_forward
- Misty is single and has chosen Plan Q. Misty has not used her health insurance yet this year. Misty goes to the hospital for some services and her portion of the bill is $5,000. How much did Misty’s insurance pay for their portion of the bill?arrow_forwardPlease give typed solution, don't use handwriting or notebook for solution. Todd is driving his SUV and Susan is a passenger. They are headingdowntown for dinner. Todd’s PAP policy has a Medical Payment limit of$10,000 per person. Susan’s PAP has a Medical Payment limit of $5,000 person. Todd is involved in an at-fault accident that results in Susan beinginjured and incurring $12,000 of medical expenses. How much in Medical Payments coverage would Todd’s PAP insurerpay? How much in Medical Payments coverage would Susan’s PAP insurerpay?arrow_forwardIn an insurance system, would you expect each person to receive in benefits pretty much what they pay in premiums or is it just that the average benefits paid will equal the average premiums paid?arrow_forward
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