Determine the expected payment

Reference no: EM131933014

Question: The amount of a loss is exponentially distributed with mean 50. An insurance pays 70% of the amount of a loss in excess of an ordinary deductible of 20. The maximum payment is 63 per loss. Determine the expected payment, given that a payment has been made. The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM131933014

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