Three cost drivers are used to estimate the cost of processing insurance claims. The cost...
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Three cost drivers are used to estimate the cost of processing insurance claims. The cost drivers are: (1) claim amount, (2) age of vehicle in accident and (3) age of driver in accident. The percentages attributable to the cost drivers are 50% for claim amount, and 15% for each of the other two cost drivers. What is the cost to process Claim #101? The claim amount is $1,000. The age of the vehicle is 5 years. The age of the driver is 20 years.
| $3.00 | ||
| $3.75 | ||
| $500 | ||
| $503.75 |
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