An insurance company has a particular type of insurance policy which costs $100 for six months of coverage. The probability of a claim being filed per policy and month is 0.01. Given that the claim is filed, the size follows a triangular distribution with minimum value $50, most likely value $200 and maximum value $500. Assume independence in the filling of claims between policies and for month to month.
1 - Develop and run an ARENA model to estimate the average profit and the probability of loss per policy ?.
2 - Solve problem 1 on MS-Excel. Compare the results of the solutions of problems 1 and 2. ?
8 freelancers are bidding on average $21 for this job
A flexible and talented data entry clerk with good skills. I’m a self-starter who can take direction and run with it with little supervision. I’m very detail oriented, minimum error and provide high quality work.