The question is about probability and about actuarial statistics

Question

The question has 3 parts -

Question- In a class of 92 students probability of you getting to the top is half of any other student. What is the probability of you getting to the top ?

These 92 students are provided with the health insurance cover where the probability of claim is 'p'. If your probability of getting ill and getting a claim is half than that of another another student, what is the probability of claim happening in your policy ?

For what value of p the probability value of both the questions is equal ?

Answer 1

For the first part, imagine that the 91 other students each get two tokens with their name on it. You get one token with your name on it. All the tokens are put into a jar, and 1 is pulled out at random to be the winner.

You have a 1/183 chance of being that winner, since there are 183 tokens, and only one of them makes you a winner.

For the second part, if their probability of making a claim is p, and yours is half that, then your probability of making a claim is p/2.

For the third part, p/2 = 1/183. So p is 2/183. #