A life insurance company issues standard, preferred & ultra preferred policies. If the company’s policy holder?
of a certain age 60 % are standard with a probability of 0.001 of dying in the next year, 30% preferred with a probability of 0.008 of dying in the next year & 10% are ultra preferred with a probability of 0.007 of dying in the next year. A policyholder
Probabilities are only predictive of death, when you're looking at LARGE NUMBERS of people. ANYONE who is alife, can die. Therefore, the probabilities of one particular person dying, are 1/3, 1/3, and 1/3, because the law of large numbers wouldn't apply.

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Manager, Business Development- Group Insurance: Standard Life Assurance Company, The (Vancouver...
Manager, Business Development- Group Insurance: Standard Life Assurance Company, The (Vancouver B...