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In this video, we will look at Sample Question 93 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):
A family buys two policies from the same insurance company. Losses under the two
policies are independent and have continuous uniform distributions on the interval from 0
to 10. One policy has a deductible of 1 and the other has a deductible of 2. The family
experiences exactly one loss under each policy.
Calculate the probability that the total benefit paid to the family does not exceed 5.
(A) 0.13
(B) 0.25
(C) 0.30
(D) 0.32
(E) 0.42
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