Insurance wagering (H). From the point of view of an insurance company, the expected value of an insurance policy is the profit the company would make on average from such a policy. Suppose an insurance company sells a computer-theft policy. The cost they charge for the policy is $C per year, the probability a computer will be stolen in a given year is p , and the value of a typical computer is $V. Write an expression in terms of C,p, and V that gives the profit the company will make on average from such a policy. Simplify your expression as much as possible.
Insurance wagering (H). From the point of view of an insurance company, the expected value of an insurance policy is the profit the company would make on average from such a policy. Suppose an insurance company sells a computer-theft policy. The cost they charge for the policy is $C per year, the probability a computer will be stolen in a given year is p , and the value of a typical computer is $V. Write an expression in terms of C,p, and V that gives the profit the company will make on average from such a policy. Simplify your expression as much as possible.
Insurance wagering (H). From the point of view of an insurance company, the expected value of an insurance policy is the profit the company would make on average from such a policy. Suppose an insurance company sells a computer-theft policy. The cost they charge for the policy is $C per year, the probability a computer will be stolen in a given year is p, and the value of a typical computer is $V. Write an expression in terms of C,p, and V that gives the profit the company will make on average from such a policy. Simplify your expression as much as possible.
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Discrete Distributions: Binomial, Poisson and Hypergeometric | Statistics for Data Science; Author: Dr. Bharatendra Rai;https://www.youtube.com/watch?v=lHhyy4JMigg;License: Standard Youtube License