Question
Use the following information. An insurance company advertised the following monthly rates for life insurance.(picture not copy)If Marisol is 35 years old and she wants to purchase $\$ 30,000$ of insurance from this company, then what is her premium?
Step 1
We know that Marisol is a female, she is 35 years old, and she wants to purchase $30,000 worth of insurance. Show more…
Show all steps
Your feedback will help us improve your experience
Anna Myers and 100 other Geometry educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Use the following information. An insurance company advertised the following monthly rates for life insurance. (picture not copy) Terry paid $\$ 21.63$ for life insurance. Can you conclude that Terry is $35 ?$ Explain.
Reasoning and Proof
Deductive Reasoning
$$ \begin{array}{l}{\text { Life Insurance A } 35 \text { -year-old woman purchases a }} \\ {\$ 100,000 \text { term life insurance policy for an annual pay- }} \\ {\text { ment of } \$ 360 . \text { Based on a period life table for the U.S. }} \\ {\text { government, the probability that she will survive the }} \\ {\text { year is } 0.999057 . \text { Find the expected value of the policy }} \\ {\text { for the insurance company. }}\end{array} $$
Discrete Probability Distributions
Mean, Variance, Standard Deviation, and Expectation
A 35 -year-old woman purchases a $\$ 100,000$ term life insurance policy for an annual payment of $\$ 360 .$ Based on a period life table for the U.S. government, the probability that she will survive the year is 0.999057 . Find the expected value of the policy for the insurance company.
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD