A newly formed life insurance company has underwritten term policies on 120 women between the ages of
Question:
A newly formed life insurance company has underwritten term policies on 120 women between the ages of forty and forty-four. Suppose that each woman has a 1/150 probability of dying during the next calendar year, and that each death requires the company to pay out $50,000 in benefits. Approximate the probability that the company will have to pay at least $150,000 in benefits next year.
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Let X number of policyholders who ...View the full answer
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Related Book For 
Introduction To Mathematical Statistics And Its Applications
ISBN: 9780321693945
5th Edition
Authors: Richard J. Larsen, Morris L. Marx
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