insurance company sells a one-year house insurance policy, which covers cost of rebuild only. For customers insuring a house of a particular size the annual premium is set at €250. If the risk occurs then the customer is paid €150000 towards the cost of rebuild. Let the random variable X represent the gain/loss made by the customer by taking out a policy of this type. If the probability of making a claim is 0.01 then X has the following probability distribution: X = x 149750 -250 P(X=x) 0.01 0.99

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