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Suppose Big Rock Insurance Company has sold life insurance policies to Joel and David. Both are 25 years old, unrelated, live in different states, and have about the same health record. Let
If life expectancy can be predicted with more accuracy. Big Rock will have less risk in its insurance business. Risk in this case is measured by
(a) The average life expectancy for Joel and David is
(b) Compare the mean life expectancy for a single policy (
(c) Compare the standard deviation of the life expectancy for a single policy (
(d) The mean life expectancy is the same for a single policy (
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Chapter 6 Solutions
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