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Exam M - May 2005 **BEGINNING OF EXAMINATION** 1. For a fully discrete 3-year endowment insurance of 1000 on (x), you are given: (i) (ii) (iii) kL is the prospective loss…

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SECTION 4: RISK MANAGEMENT AND INSURANCE When a person or a business is exposed to a risk of a financial loss, the loss is generally modeled using a random variable or some…