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Author Question: People in a certain group have a 0.3 chance of dying this year. If a person in this group buys a ... (Read 34 times)

scienceeasy

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People in a certain group have a 0.3 chance of dying this year. If a person in this group buys a life insurance policy for 3,300 that pays 1,000,000 to her family if she dies this year and 0 otherwise, what is the expected value of a policy to the insurance company?
 
  A) 0
  B) 300
  C) 3,000
  D) 3,300

Question 2

If there are 10,000 people in your age bracket, and 10 of them died last year, an insurance company believes that the probability of someone in that age bracket dying this year would be
 
  A) 0.
  B) .001.
  C) .0001.
  D) 1,000.


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chevyboi1976

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scienceeasy

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Reply 2 on: Jul 1, 2018
Excellent


Jossy

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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