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In this video, we will look at Sample Question 90 from the Society of Actuaries' Exam P (Probability) list of sample questions.
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The question reads (mainly to help people find this video when searching):
An insurance company sells two types of auto insurance policies: Basic and Deluxe. The
time until the next Basic Policy claim is an exponential random variable with mean two
days. The time until the next Deluxe Policy claim is an independent exponential random
variable with mean three days.
Calculate the probability that the next claim will be a Deluxe Policy claim.
(A) 0.172
(B) 0.223
(C) 0.400
(D) 0.487
(E) 0.500
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#Calculus #Actuary #ExamP #Probability #Theory #Math #Tutorial #Science #Education
