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Question: Life Insurance:
A life insurance company sells a term insurance policy to a 21-year-old male that pays $100,000 if that insured dies within the next 5 years. The probability that a randomly chosen male will die each year can be found in mortality tables. The company collects a premium of $250 each year as payment for the insurance. The amount X that the company earns on this policy is $250 per year., less the $100,000 that it must pay if the insured dies. The distribution of X is shown below. Fill in the missing probability in the table and calculate the mean earnings mx.
Age at Death (years):
Age of Death
21
22
23
24
25
>26
Earnings X Probability
($99,750)
($99,550)
($99,250)
($99,000)
($98,750)
$1,250
0.00183
0.00186
0.00189
0.00191
0.00193
?
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