Mathematics, 19.04.2021 15:20 ariellewallenst4348
Avicenna, a major insurance company, offers five-year life insurance policies to 65-year-olds. If the holder of one of these policies dies before the age of 70, the company must pay out $27,400 to the beneficiary of the policy. Executives at Avicenna are considering offering these policies for $765 each. Suppose that for each holder of a policy there is a 3% chance that they will die before the age of 70 and a 97% chance they will live to the age of 70.
Required:
If the executives at Avicenna know that they will sell many of these policies, should they expect to make or lose money from offering them?
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Avicenna, a major insurance company, offers five-year life insurance policies to 65-year-olds. If th...
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