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OpenStudy (anonymous):
A 28-year-old man pays $181 for a one-year life insurance policy with coverage of $150,000. If the probability that he will live through the year is 0.9994, what is the expected value for the insurance policy?
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OpenStudy (anonymous):
anyone please help me
OpenStudy (campbell_st):
the expected value is E = 0.0006 x 150 000 + 0.9994 x (-181) the cost of the policy is negative... and you use probability multiplied by the payoff...
OpenStudy (anonymous):
-90.891?
OpenStudy (anonymous):
is this the answer
OpenStudy (campbell_st):
Well it should be, the insurance company won't lose money... its the policy hoder who does.
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