Basic Probability Part 1 (SOA Exam P – Probability – General Probability Module )

Kick off the General Probability Module for SOA Exam P. This lesson uses a farmer survey to introduce sample space, events, overlaps, and inclusive “or.” You’ll learn how to read problem data, sketch a Venn diagram, fill regions step by step, and reason out proportions without memorizing rules. We also show why picking a convenient sample size still gives the same final probability. AnalystPrep Actuarial Exams Study Packages (video lessons, study notes, question bank, and quizzes) can be found at https://analystprep.com/shop/actuarial-exams-complete-courses-by-analystprep/ After completing this video you should be able to: - Define set functions, Venn diagrams, sample space, and events. Define probability as a set function on a collection of events and state the basic axioms of probability. Example given in the video: A survey of 2000 farmers in the southeast U.S. last year revealed the following information: 351 were from the state of Alabama 1205 grew beans 234 were from Alabama and grew beans How many were from Alabama but did not grow beans? or Determine the probability that a randomly selected farmer from the survey was from Alabama or grew beans. #SOAExamP #ActuarialScience #Probability #VennDiagrams #SetTheory #ExamP #AnalystPrep #StudyWithMe #MathLearning #ActuaryExam