Respuesta :
The information that can be collected to make an insurance policy will be information regarding the drivers.
How to illustrate the information?
It should be noted that the probability simply means the likelihood of the occurence of an event.
In this case, when choosing a car insurance policy, we can use the probability to determine the likelihood for the need to file a claim.
The course of action is to survey a number of drivers to get information from them.
Also, the benefit of this approach is that the food drivers can pay less premium while the disadvantage can be the cost that's involved.
Learn more about probability on:
brainly.com/question/24756209
#SPJ1
1. A situation that can use probability to make an informed decision is when deciding on an insurance policy to take.
2. The information that you would collect for an insurance policy decision includes insurance:
- Premium
- Policy coverage
- Policy limits
- Deductibles
- Discounts.
3. An understanding of probability helps the policyholder to:
- Analyze different insurance policies to determine the best plan to choose amid uncertainty.
- Measure the likelihood of an event occurring and its consequences.
- Determine the level of risk involved.
4. Possible Benefits and Limitations of Probability:
Using probability, the insurance policyholder enjoys these benefits:
- Measure outcomes
- Reduce uncertainty
- Optimize policies
- Spread risk coverage
- Predict future losses and events.
However, the limitations of probability in measuring insurance risks become prominent under the following situations:
- Presence of an infinite number of possible outcomes.
- Where the outcomes are not equally likely.
Thus, probability analyzes insurance policies to determine the best plans and their deductible amounts.
Learn more about probability and insurance at https://brainly.com/question/16671974
#SPJ1
