Insurance: An insurance company sells a 1 -year term life insurance policy to an 85 -year-old man. The man pays a premium of $1600 . If he dies within 1 year, the company will pay $33,000 to his beneficiary. According to the U.S. Centers for Disease Control and Prevention, the probability that an 85 -year-old man will be alive 1 year later is 0.9537 . Let X be the profit made by the insurance company. Part: 0 / 2 0 of 2 Parts Complete Part 1 of 2 Find the probability distribution.The probability distribution is x 1600 p(x)

Insurance: An insurance company sells a 1 -year term life insurance policy to an 85 -year-old man. The man pays a premium of $1600 . If he dies within 1 year, the company will pay $33,000 to his beneficiary. According to the U.S. Centers for Disease Control and Prevention, the probability that an 85 -year-old man will be alive 1 year later is 0.9537 . Let X be the profit made by the insurance company. Part: 0 / 2 0 of 2 Parts Complete Part 1 of 2 Find the probability distribution.The probability distribution is x 1600 p(x)

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

Similar questions

Find the probability of the indicated event if P(E) = 0.20 and P(F) = 0.40. Find P(E or F) if P(E and F) = 0.20. P(E or F) = (Simplify your answer.)
Number 2
You have relatives coming for dinner this weekend. The probability that your uncle Josiah will show up is 0.69. What is the probability that uncle Josiah doesn't show up? Enter your answer as a decimal, rounded to three decimal places.
A certain disease has an incidence rate of 0.7%. If the false negative rate is 8% and the false positive rate is 4%, compute the probability that a person who tests positive actually has the disease.
A company offers guided tours of remote areas of the world. Each tour consists of 20 people. The probability of selling a ticket for any given spot on the tour is 0.86. The costs to the company are approximately the same regardless of the number of people that show up. To offset the risk associated with a tour not filling up, the company purchases a specialized insurance policy. The policy pays 100 for each ticket that is left unsold, up to a maximum of 400. Let P be the amount that the insurance policy pays to the company for a specific tour. Calculate E[P] to the nearest dollar. O 251 O244 O 259 O 267 275
Give examples of real life application for the properties of probability.
Give the probability in decimal form (correct to two decimal places). A calculator may be helpful with this problem.The campus vets club is having a raffle and is selling 1,500 tickets. If the people on your floor of the dorm bought 255 of those tickets, what is the probability that someone on your floor will hold the winning ticket?
Birds arrive at a feeding table independently, at an average rate of six per hour. Find the probability that two birds will arrive in the next ten minutes.
A certain disease has an incidence rate of 0.2%. If the false negative rate is 5% and the false positive rate is 1%, compute the probability that a person who tests positive actually has the disease.
The probability that an event will happen isP(E)=0.22.Find the probability that the event will not happen.