SAT, 23.02.2021 17:50 KayJahnae04
There is a 0.9991 probability that a randomly selected 31-year-old male lives through the year. A life insurance company charges $171 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $120000 comma 000 as a death benefit. Complete parts (a) through (c) below.
a. From the perspective of the 31-year-old male, what are the monetary values corresponding to the two events of surviving the year and not surviving?
b. If the 31-year-old male purchases the policy, what is his expected value?
c. Can the insurance company expect to make a profit from many such policies? Why?
Answers: 1
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There is a 0.9991 probability that a randomly selected 31-year-old male lives through the year. A l...
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