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Question: It would be quite risky for you to insure the life of a 21-year-old friend under the terms of above question. There is a high probability that your friend would live and you would gain $1,250 in premiums. But if he were to die, you would lose almost $100,000. Explain carefully why selling insurance is not risky for an insurance company that insure many thousands of 21-year-old men?
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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