Solve and analyze the problem A 33-year-old mother pays P12,000 per annum for a P500,000 life insurance policy. Actuarial research shows that the probability of death during the year for female of the same age, medical history and profile, is 0.0009. What is the expected value of the policy for the insurance company?
Solve and analyze the problem A 33-year-old mother pays P12,000 per annum for a P500,000 life insurance policy. Actuarial research shows that the probability of death during the year for female of the same age, medical history and profile, is 0.0009. What is the expected value of the policy for the insurance company?
Chapter9: Sequences, Probability And Counting Theory
Section9.7: Probability
Problem 1SE: What term is used to express the likelihood of an event occurring? Are there restrictions on its...
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Solve and analyze the problem
A 33-year-old mother pays P12,000 per annum for a P500,000 life insurance policy. Actuarial research shows
that the probability of death during the year for female of the same age, medical history and profile, is 0.0009. What is the expected value of the policy for the insurance company?
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