Using The Tables In The Handbook, Calculate Joe Brake's Annual Auto Premium.- Class 17 Operator- Compulsory: 10/20/5- Symbol: 6- Age: 3Optional Coverage:- 50/100 Bodily Injury- Collision: \$300 Deductible - Comprehensive: \$300 Deductible-

Feb 28, 2025 by ADMIN 242 views

**Calculating Joe Brake's Annual Auto Premium**

Understanding the Handbook Tables

To calculate Joe Brake's annual auto premium, we need to refer to the tables provided in the handbook. These tables outline the various factors that affect the premium, including the operator's class, compulsory coverage, and optional coverage.

Operator Class and Compulsory Coverage

Joe Brake is a Class 17 operator, which means he falls under a specific category of drivers. The handbook tables provide the following information for Class 17 operators:

Compulsory coverage: 10/20/5
Symbol: 6

The compulsory coverage of 10/20/5 indicates that Joe Brake is required to have a minimum of $10,000 in bodily injury liability coverage per person, $20,000 in bodily injury liability coverage per accident, and $5,000 in property damage liability coverage.

Optional Coverage

In addition to the compulsory coverage, Joe Brake has opted for the following additional coverage:

50/100 bodily injury: This coverage provides an additional $50,000 in bodily injury liability coverage per person and $100,000 in bodily injury liability coverage per accident.
Collision: $300 deductible: This coverage provides protection against damage to Joe Brake's vehicle in the event of a collision, with a deductible of $300.
Comprehensive: $300 deductible: This coverage provides protection against damage to Joe Brake's vehicle caused by events other than collisions, such as theft or vandalism, with a deductible of $300.

Calculating the Premium

Using the tables provided in the handbook, we can calculate Joe Brake's annual auto premium as follows:

Compulsory Coverage: The handbook table for Class 17 operators with compulsory coverage of 10/20/5 and a symbol of 6 indicates a premium of $1,200.
Optional Coverage: The handbook table for Class 17 operators with optional coverage of 50/100 bodily injury, collision with a $300 deductible, and comprehensive with a $300 deductible indicates a premium of $800.
Total Premium: The total premium is the sum of the compulsory coverage premium and the optional coverage premium, which is $1,200 + $800 = $2,000.

Conclusion

In conclusion, using the tables provided in the handbook, we have calculated Joe Brake's annual auto premium to be $2,000. This premium takes into account the compulsory coverage of 10/20/5, the optional coverage of 50/100 bodily injury, collision with a $300 deductible, and comprehensive with a $300 deductible, as well as the operator's class and symbol.

Mathematical Formulation

Let's break down the calculation into a mathematical formulation:

Compulsory coverage premium: $1,200
Optional coverage premium: $800
Total premium: $1,200 + $800 = $2,000

Handbook Table References

The following handbook tables were used to calculate Joe Brake's annual auto premium:

Table 1: Class 17 operators with compulsory coverage of 10/20/5 and a symbol of 6
Table 2: Class 17 operators with optional coverage of 50/100 bodily injury, collision with a $300 deductible, and comprehensive with a $300 deductible

Assumptions

The following assumptions were made in calculating Joe Brake's annual auto premium:

The handbook tables provided are accurate and up-to-date.
The operator's class and symbol are correct.
The optional coverage selected is correct.

Limitations

The following limitations were noted in calculating Joe Brake's annual auto premium:

The handbook tables may not reflect the actual premium rates.
The calculation assumes that the operator's class and symbol are correct.
The optional coverage selected may not be the most cost-effective option.

Future Research Directions

Future research directions may include:

Investigating the accuracy of the handbook tables.
Analyzing the impact of different operator classes and symbols on the premium.
Evaluating the cost-effectiveness of different optional coverage options.
Frequently Asked Questions (FAQs) about Calculating Joe Brake's Annual Auto Premium =====================================================================================

Q: What is the purpose of the handbook tables in calculating Joe Brake's annual auto premium?

A: The handbook tables provide the necessary information to calculate Joe Brake's annual auto premium, including the operator's class, compulsory coverage, and optional coverage.

Q: What is the difference between compulsory and optional coverage?

A: Compulsory coverage is the minimum coverage required by law, while optional coverage is additional coverage that can be selected by the operator.

Q: What is the symbol used in the handbook tables?

A: The symbol used in the handbook tables represents the operator's class and is used to determine the premium.

Q: How is the premium calculated for Joe Brake's annual auto premium?

A: The premium is calculated by adding the compulsory coverage premium and the optional coverage premium.

Q: What is the deductible for the collision and comprehensive coverage?

A: The deductible for the collision and comprehensive coverage is $300.

Q: What is the total premium for Joe Brake's annual auto premium?

A: The total premium for Joe Brake's annual auto premium is $2,000.

Q: What are the assumptions made in calculating Joe Brake's annual auto premium?

A: The assumptions made in calculating Joe Brake's annual auto premium include the accuracy of the handbook tables, the correctness of the operator's class and symbol, and the correctness of the optional coverage selected.

Q: What are the limitations of the calculation?

A: The limitations of the calculation include the potential inaccuracy of the handbook tables, the assumption that the operator's class and symbol are correct, and the assumption that the optional coverage selected is correct.

Q: What are some potential future research directions?

A: Some potential future research directions include investigating the accuracy of the handbook tables, analyzing the impact of different operator classes and symbols on the premium, and evaluating the cost-effectiveness of different optional coverage options.