The Binomial Distribution Is a Discrete Distribution That Is Applied

question 23

True/False

The binomial distribution is a discrete distribution that is applied to situations where n independent and identical "trials" occur,with each trial resulting in a "success" or "failure," and we want to generate the random number of successes in the n trials.

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Definitions:

Premiums

Payments made for insurance coverage, often periodically, to keep the insurance policy active and the insured protected against specified risks.

Insurable Interest

The financial interest that a policyholder has in the person or property that is insured.

Life Insurance

An insurance contract that provides monetary compensation for losses suffered by another’s death.

Beneficiary

A third party receiving benefits from a contract made between two other parties. Also, the person named in an insurance policy to receive benefits paid by the insurer in event of a claim.