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Asked Oct 21, 2019
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yrold woman purchases a
tor annual
H 34
D0,000 term life
payment of $50D.
that She wl sucude the
IS O.999059.
palicu
y
The probabilit
year
The expected Value 0f the
policy
tor
1nSurance is
pOli
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yrold woman purchases a tor annual H 34 D0,000 term life payment of $50D. that She wl sucude the IS O.999059. palicu y The probabilit year The expected Value 0f the policy tor 1nSurance is pOli

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Expert Answer

Step 1

Given data and calculation for exp...

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Insurance company makes Probability Survival Survived 0.999052 500 Not Survived 1-0.999052 0.000948 500-100000 -99500 Expected value of the policy for insurance is given by E(X) 0.999052 x 500 0.000948 x (-99500) = 405.2 It indicates profit to insurance company

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