Probability and Insurance

Front

A set of all possible outcomes is known as -

Back

a sample space

Front

What is the probability of choosing the letter 'i' from the word 'probability'?

Back

2/11

Front

If you were to roll the die one time what is the probability of it landing on a 2?

Back

1 out of 6

Front

This term pays for protection against loss of life, property, and finances.

Back

insurance

Front

I have 4 yellow marbles and 8 blue marbles in a bag. What is the probability that I will pick a blue?

Back

Likely

Front

What is the formula for calculating probability?

Back

Probability = (Number of favorable outcomes) / (Total number of outcomes)

Front

Define 'insurance premium'.

Back

The amount paid periodically to an insurance company for coverage.

Front

What does 'deductible' mean in insurance?

Back

The amount you pay out of pocket before insurance coverage kicks in.

Front

What is the probability of drawing a heart from a standard deck of cards?

Back

1 out of 4

Front

Explain the concept of 'complement' in probability.

Back

The complement of an event is the set of outcomes in the sample space that are not in the event.