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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the role of probability in insurance?
💡 Hint: Think about how insurance companies evaluate risk.
Question 2
Easy
How does probability assist in finance?
💡 Hint: Focus on investment decisions based on potential market behavior.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the main application of probability in insurance?
- Setting interest rates
- Assessing risks
- Calculating taxes
💡 Hint: Think about what insurance companies do to manage risk.
Question 2
True or False: Probability is not relevant in medical testing.
- True
- False
💡 Hint: Consider how tests evaluate conditions.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company has a 5% chance that a claim will be made each year. If they have 100 customers, what is the expected number of claims they should prepare for?
💡 Hint: Think about the probability formula for expected values.
Question 2
You want to invest $10,000 in stocks. There's a 70% chance of a 10% increase or a 30% chance of a 20% decrease. What is the expected value of the investment?
💡 Hint: Use the formula for expected value with different outcomes and their probabilities.
Challenge and get performance evaluation