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3 cards from this section. Quick, good the night before a test.
What is the role of probability in insurance?
Think about how insurance companies evaluate risk.
How does probability assist in finance?
Focus on investment decisions based on potential market behavior.
What is the main application of probability in insurance?
Think about what insurance companies do to manage risk.
True or False: Probability is not relevant in medical testing.
Consider how tests evaluate conditions.
A company has a 5% chance that a claim will be made each year. If they have 100 customers, what is the expected number of claims they should prepare for?
Think about the probability formula for expected values.
You want to invest $10,000 in stocks. There's a 70% chance of a 10% increase or a 30% chance of a 20% decrease. What is the expected value of the investment?
Use the formula for expected value with different outcomes and their probabilities.
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