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

Related questions

Q: P(E)=35/41. Find the probability that the event will not happen.

Q: a school night, the probability that a student watches television is 0.71. On a school night, the…

A: To find the probability that the student will do homework .

Q: A certain disease has an incidence rate of 0.1%. If the false negative rate is 7% and the false…

Q: C. The probability that the the child will be older than 5 years old? | 0.8681 d. The probability…

A: Consider that the answer of the given part a, b, and c are the correct answer. And distribution is…

Q: has the virus given that they have tested postive does not have the virus given that they test…

A: A certain virus infects one in every 300 people. A test used to detect the virus in a person is…

Q: A car insurance policy costs P7000 per year from an insurance firm. The insurer shall pay P10,000…

A: Policy cost is P 7000. Accident Pay Probability Minor Accident 10000 0.20 Big accident 50000…

Q: A certain disease has an incidence rate of 0.2%. If the false negative rate is 4% and the false…

Q: You purchase a workers' compensation insurance policy to protect against accidents at your…

A: The provided information is as follows:If having a serious accident then the insurance company pay…

Q: If the probability that an event does no occur is 0.3 determine the probability that the event…

Q: nown as subjective probability. the law of large numbers. an impossible event.

A: It is an important part of statistics. It is widely used.

Q: You have relatives coming for dinner this weekend. The probability that your uncle Josiah will show…

A: given data P(uncle josiah show up) = 0.38 P(aunt Beatrice show up) = 0.27 P(both show up) = 0.1…

Q: A customer pays $272.45 for 3-year protection plan for their laptop. If anything happen to the…

Q: The probability that a student pilot passes the written test for a private pilot's license is 0.55.…

A: Probability distributions are of two types, discrete and continuous distributions. Binomial…

Q: find the probability that the educator is a female or an associate professor

A: We have given that an educators at a college were classified according to gender and academic rank.

Q: A bet on “black" in Roulette has a probability of 18/38 of winning. If you win, you double your…

A: Given data: The given probability of winning is: P(W)=18/38. The expression for the…

Q: The probability of flipping a coin and having it land on heads is 1/2. If a coin is tossed 4…

A: The number of coins flipped is 1. The probability of getting head is

Q: Find the indicated probability. P(A or B) =| (Simplify your answer. Type an integer or a decimal.)…

Q: Find the probability that the day of the week begins with a T or a W

A: We know, number of days in a week = 7 set of days in a week = {Monday, Tuesday, Wednesday, Thursday,…

Q: robability of a mild accident is 0.014. et X be the insurance company's net gain or loss on the…

A: For a serious accident, the policy will pay $279,000.For mild accident, the policy will pay…

Q: A certain disease has an incidence rate of 0.6%. If the false negative rate is 4% and the false…

A: we have to find given probability.

Q: Find the probability of the indicated event if P(E) = 0.20 and P(F) = 0.45. Find P(E or F) if P(E…

Q: Estimate the probability of the event. Of 1936 people who came into a blood bank to give blood,…

Q: A certain virus infects one in every 400 people. A test used to detect the virus in a person is…

Q: Suppose that 60% of all California motorists are insured. Find the probability that more than 55%…

A: given data P(insured) = p = 0.60 sample size n = 100 P(p^>0.55) = ?

Q: Find the probability of the indicated event if P(E)=0.25 and P(F)=0.45.

A: From the given information, P(E)=0.25 and P(F)=0.45 P(E andF)=0.10.

Q: Find the probability of the indicated event if P(E)=0.30 and P(F) = 0.40. Find P(E or F) if P(E and…

A: From the provided information, P (E) = 0.30 and P(F) = 0.40 And P (E and F) = 0.20

Q: The probability of a tornado in your home county in any one year is 0.073. What is the probability…

A: Answer:- Given, The probability of a tornado in your home county in any one year is 0.073. That is,…

Q: Find the probability of the indicated event if P(E)=0.30 and P(F)=0.45. Find P(E or F) if P(E…

A: Solution: From the given information,

Q: given month at this intersection: (a) at least 2 accidents will occur? (b) 5 or 6 accidents in half…

A: It is given that the random variable X i.e, intersection results follow Poisson distribution with…

Q: A certain disease has an incidence rate of 0.8%. If the false negative rate is 8% and the false…

Q: The probability of a particular soccer team winning a game is 0.30. The probability of the team…

A: From the provided information, The probability of a particular soccer team winning a game = 0.30…

Q: A certain disease has an incidence rate of 0.1%. If the false negative rate is 7% and the false…

Q: The probability of an event occurring is 3/7. Determine the odds against the event occurring.

A: Given that the probability of an event occurring is 3/7.

Question

Insurance: An insurance company sells a

-year term life insurance policy to an

-year-old man. The man pays a premium of

$1600

. If he dies within

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

-year-old man will be alive

year later is

0.9537

. Let

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)

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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 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.