Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
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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 > Management Posted 12 Nov 2017 My Price 9.00

life insurance company

Life insurance A life insurance company sells a term insurance policy to a 21-year-old male that pays $100,000 if the insured dies within the next 5 years. The probability that a randomly chosen male will die each year can be found in mortality tables. The company collects a premium of $250 each year as payment for the insurance. The amount Y that the company earns on this policy is $250 per year, less the $100,000 that it must pay if the insured dies. Here is a partially completed table that shows information about risk of mortality and the values of Y = profit earned by the company:

(a) Explain why the company suffers a loss of $98,750 on such a policy if a client dies at age 25.

(b) Find the missing probability. Show your work.

(c) Calculate the mean mY. Interpret this value in context.

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Nov 2017 06:11 PM My Price 9.00

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