Title An insurance agent has two clients, each of whom has a life insurance policy that pays $100,000 upon death. Their probabilities of dying this year Description An insurance agent has two clients, each of whom has a life insurance policy that pays $100,000 upon death. Their probabilities of dying this year are 0.05 and 0.10. Let X denote the total amount of money that will be paid this year to the clients’ beneficiaries. Assuming that the event that client 1 dies is independent of the event that client 2 dies, determine the probability distribution of X.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
An insurance agent has two clients, each of whom has a life insurance policy that pays $100,000 upon death. Their probabilities of dying this year are 0.05 and 0.10. Let X denote the total amount of money that will be paid this year to the clients’ beneficiaries. Assuming that the
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