apwatterman4228 apwatterman4228

02-01-2023
Mathematics

Answered

An insurance policy costs $300, and will pay policyholders $10,000 if they suffer a major injury (resulting in hospitalization), or $4,000 if they suffer a minor injury (resulting in lost time from work). the company estimates that each year 1 in every 1,500 policyholders may have a major injury, and 1 in 1,000 a minor injury.
a) create a probability model for the company's profit on this policy.
b) what's the company's expected profit on the policy?
c) what's the standard deviation?

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