The Expected Value is the probability that the man will live and thus lose his $165 premium (-$165*0.9994), added to the probability that he'll die and his beneficiary will collect on the $140,000 ((1-0.9994)*$140,000).
EV = (-$165)(0.9994) + (1-0.9994)*($140,000)
The units of EV in this case are dollars. Change the sign and it's how much money the insurance company expects to make per customer on average.
