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What is the standard deviation of money paid by the company

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Reference no: EM13884084

An injury insurance policy pays out $6000 if a person is seriously injured with permanent disability, $1000 if a person is seriously injured without permanent disability and $0 otherwise. The clients for the policy have 1 in 1000 (0.001) chance of being seriously injured with permanent disability, and 2 in 1000 (0.002) chance of being seriously injured without permanent disability.

What is the standard deviation of the amount of money paid by the insurance company?

Reference no: EM13884084

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