Suppose That 4 Out of 12 Liver Transplants Done at a Hospital

question 56

Multiple Choice

Suppose that 4 out of 12 liver transplants done at a hospital will fail within a year. Consider a random sample of 3 of these 12 patients. What is the probability that all 3 patients will result in failed transplants?

• A) .018
• B) .037
• C) .296
• D) .333

Understand the distinction between term and permanent life insurance.

Grasp the concept and benefits of participating policies and policy dividends.

Recognize different types of life insurance policies and their features.

Identify the roles and characteristics of mutual insurance companies.

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Definitions:

Dairy Farm

An agricultural establishment primarily engaged in the production of milk and milk products from cows or other dairy animals.

EZ Ice Cream Inc.

Presumably a fictional company; without more context, it would represent a hypothetical business entity.

Condition Precedent

A condition in a contract that must be met before a party’s promise becomes absolute.

Condition Subsequent

A condition in a contract that operates to terminate a party’s absolute promise to perform.