the risk manager of Tracie ’s Ceramics, wants to know more about the employee injuries at her firm. One loss was a wrist sprain that has a probability of 0.06. Another was a back sprain with a probability of 0.07. Yet another was overinhalation ofa hazardous substance with a probability of 0.02. The other two were slips and falls with a probability of 0.13. If the amounts of the losses were $700, $3,000, $2,500, $950, and $950, respectively, what is the expected value of an employee injury loss for that year? a. $500 b. $749 c. $549 d. $1,249. ANSWER: C 15. Dawson Products had 20 losses in 1999, 21 in 2000, 43 in 2001, 38 in 2002, and 29 in 2003. What is the standard deviation of losses? a. 20.37 b. 333.56 c. 414.8 d. 151 ANSWER: A CHAPTER 3 Property and Liability Loss Exposures True-False
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