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Iteru [2.4K]
4 years ago
4

What role does math play in the insurance industry?

Mathematics
1 answer:
Llana [10]4 years ago
6 0

Answer:

The role math plays in the insurance industry is:

Insurance companies use statistics to find how likely a client will need to use the insurance so they can set premiums in order to have the highest chance of making a profit.

Step-by-step explanation:

Two reasons back this answer, first of all the insurance companies study the complete profile of the applicant to understand what will be the probability of the insurance usage as well as the most common way it will be used to charge the premiums at the best probability their model suggest. Consider a teacher who works in a school relatively close to his house and doesn't practice any high-risk activity. He is going to likely have a small premium while a snowboarding pro will have a very expensive premium.

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The population of California is approximately 38,040,000. The population of Texas is about 2.606 × 10^7. What is the approximate
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With scientific notation remember this rule; if the exponent is positive, move the decimal point that many places to the right. If it is negative move it that many places to the left. What that will do is make the number larger or smaller to the correct value.
 
So for example, if you had to solve 1.02 x 10^4 you would move the decimal four places to the right. So you would end up with 10200. 
As another example if you had to solve 1.02 x 10^-2 you would move the decimal two places to the left. That would give you .0120. 

So now we are onto your problem. 2.606 x 10^7.
You would move the decimal seven places to the right, because the exponent is positive, that will make your number larger(which would make more sense if you were adding populations, right?).
That would give you 26,060,000 people living in Texas.
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