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Determining the price of insurance policy

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You are concerned about the possibility of experiencing on Coronavirus (COVID-19) during the next year. The probability of a COVID-19 outbreak is 0.5%. Your local insurer offers to pay you $300, 000 if a registered member of your family contracted COVID-19. The insurance policy costs $1, 500.00. If the inflation rate is forecast to be 10% during the next year, is the price of insurance policy fair?

Reference no: EM132666665

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