Well i have this statement:"You have a car worth $20,000 and have a constant relative risk aversion. As your wealth decreases you would be willing to pay a higher insurance premium to fully insure your car."The statement is true?or false??I know that RRA means that the individual will be willing to pay the same proportion of his/her wealth for insurance, for a power utility fanction. And that CRRA means tha if wealth goes up the investors will be less willing to pay insurance, and if wealth goes down the investors will be more willing to pay insurance.So the statement is true since the wealth goes down they are more willing to pay insurance so they are paying more!!!right???I more confused about the phrasing as you can see.Thank you