Insurance coverage is extremely important to protect from unpredictable events that can dramatically alter life situations. Accidents and illness and other unforeseen events can happen to anyone at anytime. To protect from unfortunate situations and protect loved ones from difficulties insurance coverage plays a very important role. Insurance is highly recommended to people of all ages and there is an insurance coverage to cover most situations or events.
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I have 4 math problems that I do not understand can someone help me understand them?
1)A jar contains 10 bills: four $1 bills, three $5 bills, two $10 bills, and one $20 bill. It will cost you $3 to reach in and pull one of the bills out. What is your expected value?
2)At a new Chinese restaurant the slip of paper in your fortune cookie indicates a dollar amount you may get subtracted from your dinner bill. A bag of 10 fortune cookies are brought to your table and you are to select 1. One of the cookies contains a slip that says "$5 OFF"; two of the cookies contain slips saying "$2 OFF"; two of the cookies contain slips saying $1 OFF; and five of the cookies contain slips saying "SORRY". What is your expected value from your selection?
3)You are playing a game of chance that costs you $4 to play and has an expected value of ?$2.50. What is a fair price for this game of chance?
4)the probability a 25-year-old man will survive the coming year is 0.998. If this man buys a $100,000 one-year term insurance policy for $300, what is the expected gain or loss for the life insurance company?
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The cheapest term insurance policy?
Which is the cheapest term insurance policy available in India?
Can the nominees get the insured amount even if the policy holder dies OUTSIDE India?
Thanks,
Reddy
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Life Insurance Statistics Help, PLEASE?
A life insurance company sells a term insurance policy to a 21-year-old male that pays $100,000 if the insured dies within the next 5 years. The probability that a randomly chosen male will die each year can be found in mortality tables. The company collects a premium of $250 each year as payment for the insurance. The amount X that the company earns on this policy is $250 per year, less the $100,000 that it must pay if the insured dies. Here is the distribution of X. Fill in the missing probability in the table and calculate the mean profit X.
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Age at death 21 22 23 24 25 26
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Profit -$99,750 -$99,500 -$99,250 -$99,000 -$98,750 $1250
Probability 0.00185 0.00189 0.00191 0.00194 0.00198 ?
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? =
Mean profit = $
Thank u!
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