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ksoren 3:26 am on September 6, 2010
The probability that the man would die within one year is 1-.99842 = .00158
So if he dies, the insurance company will have to pay 1,000,000 and if he lives they pay nothing.
So the expected value of what the insurance company will have to pay is:
$1,000,000*.00158 + $0*.99842 = $1580
So the premium should be $1580
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