Exam C ASM ED14 P159 9.4 - 金融分析師

Losses follows a lognormal distribution with u=6.9078 sigma=2.6283.

A policy covers losses subject to a 1000 franchise deductible and
a 100,000 policy limit.

Determine the average payment per paid claim.
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The solution in book is as below.

E(X ^ 100,000)-E(X ^ 1000)=9364

Averag per claim=9364/(1-F(1000))

For a franchise deductible, each paid claim get 1000 more.

The answer is 19,728.
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My problem is why not use E(X ^ 101,000)-E(X ^ 1000)

I think there is a 100,000 policy limit,but not a maximum cover loss.

If it says there is a maximum cover loss,the solution in book will be right.

Can anyone tell me what's wrong with my solution?

Thank you very much.

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