you just purchased a life insurance policy $250.00 per year ($20.83 per month). The policy pays a death benefit of $750,000 in the event of your death. The probability of you dying in a given year for your age bracket is 5 per 10,000 A) What is the expected value of your policy if you die B) What is the expected value of the policy to the insurace company C) How much proit/loss does the insurance company earn if they sell ten thousand policies like yours

you just purchased a life insurance policy $250.00 per year ($20.83 per month). The policy pays a death benefit of $750,000 in the event of your death. The probability of you dying in a given year for your age bracket is 5 per 10,000 A) What is the expected value of your policy if you die B) What is the expected value of the policy to the insurace company C) How much proit/loss does the insurance company earn if they sell ten thousand policies like yours

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter8: Sequences, Series,and Probability

Section8.7: Probability

Problem 11ECP: A manufacturer has determined that a machine averages one faulty unit for every 500 it produces....

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