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1. A small legal practice with 30 partners has taken out professional indemnity insurance. It is known that the incidence of a claim in any one year is about 1% per partner. It is also know that any single claim has a mode of $80 000 and a median of $148 548. Indicate what distributions you have used, and why, and then estimate the following:

1. The probability of more than one claim being generated in any one year.

2. The mean value of a claim.

3. The 99% upper limit of any claim.

4. The expected aggregate value of claims in a single year.