Optimal Claiming on Vehicle Insurance Revisited |
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Authors: | J M Norman D C S Shearn |
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Institution: | 1.Division of Economic Studies,University of Sheffield, |
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Abstract: | Most motorists involved in an accident will claim from their insurance company only if the cost of repair exceeds a certain amount. In this paper, optimal no-claim limits are determined for a common type of insurance policy, and a simple decision rule which might be used by a motorist is shown to have an expected cost very close to the optimal decision rule. |
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