**Insurance Policy Calculation for a 32-Year-Old Male:**There is a 0.9987 probability that a randomly selected 32-year-old male lives through the year. A life insurance company charges $169 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $110,000 as a death benefit.**Questions:**(a) From the perspective of the 32-year-old male, what are the monetary values corresponding to the two events of surviving the year and not surviving?- **The value corresponding to surviving the year is** $____ - **The value corresponding to not surviving the year is** $____(b) If a 32-year-old male purchases the policy, what is his expected value?- **The expected value is** $____*(Round to the nearest cent as needed.)*

The life insurance company charges $169 for insuring that the male will live through the year. The…

Answered: **Insurance Policy Calculation for a…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Suppose that the probability that a child living in an urban area in the United States is obese is 20%. If a social worker sees 15 children living in urban areas, what is the probability that 5 are obese? Enter response as .xxxx
You purchase a brand new car for $15,000 and insure it. The policy pays 78% of the car's value if there is an issue with the engine or 30% of the car's value if there is an issue with the speaker system. The probability of an issue with the engine is 0.009, and the probability there is an issue with the speaker system is 0.02. The premium for the policy is p. Let X be the insurance company's net gain from this policy. (a) Create a probability distribution for X, using p to represent the premium on the policy. Enter the possible values of X in ascending order from left to right. P(X) (b) Compute the minimum amount the insurance company will charge for this policy. Round your answer to the nearest cent
Sickle cell anemia is an inherited disease in which red blood cells become distorted and deprived of oxygen. A person with two sickle cell genes will have the disease, but a person with only one sickle cell gene will have a mild, non-fatal anemia called sickle cell trait. Using S to represent the sickle cell gene, and s a healthy gene, the table shows the four possibilities for the children of two Ss parents. Find the probability that these parents give birth to a child who has sickle cell anemia. Second Parent First Parent Ss sS P(child has sickle cell anemia) =| (Type an integer or a simplified fraction.)
If the famous insurance company, Lloyd’s of London, insures a $3 million Monet painting for $5000 per year. And, in each year, the painting has a .00021 chance of being stolen according to the Lloyd’s research team? From Lloyd’s perspective, find the expectation for insuring this painting for one year
Friskie is having her fifth litter. The prior litters have either been three normal pups or two normal pups and a runt. Assume the probability of either outcome is 50%.
There is a 0.9985 probability that a randomly selected 33 year old male lives through the year. A life insurance company charges $155 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $100,000 as a death benefit. From the perspective of the 33 year old male, what are the monetary values corresponding to the two events of surviving the year and not surviving?
What is the relationship between two events if the conditional probability is equal to the "unconditional" probability? That is: if P(A|B) = P(A)?
Diane has decided to play the following game of chance. She places a $1 bet on each repeated play of the game in which the probability of her winning $1 is .4. She has further decided to continue playing the game until she has either accumulated a total of $3 or has lost all her money. What is the probability that Diane will eventually leave the game a winner if she started with a capital of $1? Of $2? capital of $1 capital of $2

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