Q1. The cost of health insurance is $1,200 per year. The cost of an operation fo
ID: 3712104 • Letter: Q
Question
Q1. The cost of health insurance is $1,200 per year. The cost of an operation for a dramatic injury is $500,000. The chances of someone needing such an operation are 47.3% over a twenty year period. From a purely financial point of view, are you better off taking out the insurance or not?
Choose the best answer.
Question 38 options:
No. The insurance company must make a profit.
Yes. The cost of the insurance is less than the probability cost of the operation
No. The probality of needing the operation is less than 50%.
Yes. Buying insurance is always a good idea.
Q2. Under what circumstances would this statement be true
(?z)(?y)[(G(z) & W(y)) ? E(y,z)]]
Check all that apply.
Question 18 options:
If there are no wolfs.
If there is a wolf who has eaten every goat.
If every goat was eaten by a wolf.
If there are no goats.
No. The insurance company must make a profit.
Yes. The cost of the insurance is less than the probability cost of the operation
No. The probality of needing the operation is less than 50%.
Yes. Buying insurance is always a good idea.
Q2. Under what circumstances would this statement be true
(?z)(?y)[(G(z) & W(y)) ? E(y,z)]]
Check all that apply.
Question 18 options:
If there are no wolfs.
If there is a wolf who has eaten every goat.
If every goat was eaten by a wolf.
If there are no goats.
Explanation / Answer
The cost of health insurance is $1,200 per year.
The cost of an operation for a dramatic injury is $500,000.
The chances of someone needing such an operation are 47.3% over a twenty year period.
The amount to pay insurance for 20 years = 20 * 1200 = $ 24,000
probability cost of the operation = 47.3% = 0.473 * 500000 = $236, 500
Since large amount difference between cost of the insurance amount and probability cost of the operation
Yes. The cost of the insurance is less than the probability cost of the operation
Option 2 correct .
2.
No symbols visible. All symbols converted to ?
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.