Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 27 Sep 2017 My Price 4.00

Long Island Life Insurance Company

The Long Island Life Insurance Company sells a term life insurance policy. If the policy holder dies during the term of the policy, the company pays $100,000. If the person does not die, the company pays out nothing and there is no further value to the policy. The company uses actuarial tables to determine the probability that a person with certain characteristics will die during the coming year. For a particular individual, it is determined that there is a 0.001 chance that the person will die in the next year and a 0.999 chance that the person will live and the company will pay out nothing. The cost of this policy is $200 per year. Based on the EMV criterion, should the individual buy this insurance policy? How would utility theory help explain why a person would buy this insurance policy?

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Sep 2017 06:09 PM My Price 4.00

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