Edward paid an annual premium of $2,000 in total coverage for his homeowner's insurance, including $250,000 in damage coverage and $250,000 in liability coverage. Six years into his policy, a tree fell on Edward's home and caused $50,000 worth of damage. Edward's insurance company paid the claim. Did the cost of the annual premiums outweigh the benefit of transferring the risk to the insurance company?
a) no, the cost of the annual premium for six years more than the accident claims
b) Yes, the cost of the annual premium for six years was the same as the accident claims
c) Yes, the cost of the annual premium for six years was more than the accident claims
d) No, the cost of the annual premium for six years was less than the accident claims
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