UIUC FIN 230 - Expected Losses Examples - D1970464

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UIUC FIN 230 - Expected Losses Examples

School name University of Illinois at Urbana, Champaign

Course Fin 230- Introduction to Insurance

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Expected Loss Loss Frequency x Loss Severity Loss Frequency is the number of losses per number of exposures Loss Severity is the average size of a loss if one occurs Examples of Expected Losses Chance of getting a parking ticket 1 10 Cost of a parking ticket 5 Expected Loss 1 x 5 50 Chance of home burning 1 1000 Value of home 100 000 Expected Loss 001 x 100 000 100

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