
Concept explainers
The tables in Exercises 3-4 show claims and their probabilities for an insurance company.
a. Calculate the expected value and describe what this means in practical terms.
b. How much should the company charge as an average premium so that it breaks even on its claim costs?
c. How much should the company charge to make a profit of $50 per policy?
PROBABILITIES FOR MEDICAL INSURANCE CLAIMS
Amount of Claim (to the nearest $20,000) | Probability |
$0 | 0.70 |
$20,000 | 0.20 |
$40,000 | 0.06 |
$60,000 | 0.02 |
$80,000 | 0.01 |
$100,000 | 0.01 |

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Chapter 11 Solutions
Thinking Mathematically, Books a la Carte Edition plus MyLab Math with Pearson eText -- Access Card Package, 4/e (7th Edition)
Additional Math Textbook Solutions
APPLIED STAT.IN BUS.+ECONOMICS
Elementary & Intermediate Algebra
Elementary Statistics (13th Edition)
Finite Mathematics for Business, Economics, Life Sciences and Social Sciences
Elementary Statistics: Picturing the World (7th Edition)
Calculus: Early Transcendentals (2nd Edition)
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