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A man with a wooden leg wanted to buy fire insurance for his leg. The first actuary quoted an annual premium of $500, estimating that the leg would burn once in 20 years and the value of the leg is $10, 000.

The second actuary quoted an annual premium of $50. When the second actuary was asked how he arrived at such a small figure,

he replied, "I have this situation in the fire schedule rating table. The object is a wooden structure with an upper sprinkler, isn't it?"