Insurance: An insurance company sells a 1-year term life insurance policy to an 81-year-old man. The man pays a premium of $3900. If he dies within 1 year, the company will pay $62,000 to his beneficiary. According to the U.S. Centers for Disease Control and Prevention, the probability that an 81-year-old man will be alive 1 year later is 0.9381. Let X be the profit made by the insurance company. Part: 0/2 Part 1 of 2 (a) Find the probability distribution. The probability distribution is x P(x) 3900
Insurance: An insurance company sells a 1-year term life insurance policy to an 81-year-old man. The man pays a premium of $3900. If he dies within 1 year, the company will pay $62,000 to his beneficiary. According to the U.S. Centers for Disease Control and Prevention, the probability that an 81-year-old man will be alive 1 year later is 0.9381. Let X be the profit made by the insurance company. Part: 0/2 Part 1 of 2 (a) Find the probability distribution. The probability distribution is x P(x) 3900
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Insurance: An insurance company sells a 1-year term life insurance policy to an 81-year-old man. The man pays a premium of
$3900. If he dies within 1 year, the company will pay $62,000 to his beneficiary. According to the U.S. Centers for Disease
Control and Prevention, the probability that an 81-year-old man will be alive 1 year later is 0.9381. Let X be the profit made by
the insurance company.
Part 1 of 2
(a) Find the probability distribution.
The probability distribution is
x
P(x)
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Expert Solution
Step 1: Define the variable
Suppose X is the profit made by the insurance company.
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