The Probability Function for the Number of Insurance Policies John

question 36

Essay

The probability function for the number of insurance policies John will sell to a customer is given by
f(X) = .5 - (X/6) for X = 0, 1, or 2
a.Is this a valid probability function? Explain your answer.
b.What is the probability that John will sell exactly 2 policies to a customer?
c.What is the probability that John will sell at least 2 policies to a customer?
d.What is the expected number of policies John will sell?
e.What is the variance of the number of policies John will sell?

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Definitions:

Forgery

The act of falsely making or materially altering a document with the intent to defraud.

Brandishing

The act of showing or waving, often a weapon, in a threatening or aggressive manner.

Assault

An act that threatens physical harm to a person, whether or not actual harm is inflicted.

Defense of Property

A legal rationale used to justify the use of force for protecting one's property from being damaged or stolen.