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QUESTION 2 ") The claims record for a machinery Insurance for ABC company for five (5) years period are as follows: Year Total Value Insured Total Claims 2006 RM 12 000,000 RM 1,200,000 2007 RM 11 100,000 RM 1,350,000 2008 RM 13.000,000 RM 3, 100,000 2009 RM 14 400,000 RM 4,000,000 2010 RM 15 000,000 RM 2,500,000 A unit of crane plant is to be insured at RM150, 000. The following are loaded to the risk premium: Expenses loading (RM 0.70) Contingency loading (RM 0.05) Profit loading (RM 0.30) ij Calculate the overall mean loss for five years period. (2 marks) " Calculate the average total value insured for five years period. (2 marks) "l) Calculate the risk premium for the crane. (6 marks) I) How much is the office premium rate for the crane? (2 marks) v) How much is the annual premium to be charged for that unit of crane? (2 marks) b) Describe three (3) ways in calculating insured's individual risk premium. (6 marks)