Term life insurance has the lower premium because term life insurance pays the face value to your beneficiary if you die within a certain set period of time, whereas whole life insurance covers you your entire life. (Option A)
<h3>What is insurance?</h3>
Insurance is when a third-party (the insurer) promises to indemnify another party (the insured) for losses they might suffer in the future in exchange for agreed upon payments.
Permanent life insurance is a type of insurance that provides a coverage that never expires. The person with a permanent life insurance is covered until he or she passes on. Whole life insurance is a type of permanent life insurance that has a fixed and guaranteed premium and a fixed death benefit.
Term life insurance is a type of insurance that provides coverage to a person only for a scheduled period of time. For example, a person who buys a 10 year term life insurance, the person's insurance only lasts for 10 years. If the person passes on within the 10 years, his beneficiary receives payments. If the person passes on after 10 years, his beneficiary does not receive any payments.
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Answer:
eight hundred four thousand six or eight hundred four thousand and six
Step-by-step explanation:
Answer:
The center/ mean will almost be equal, and the variability of simulation B will be higher than the variability of simulation A.
Step-by-step explanation:
Solution
Normally, a distribution sample is mostly affected by sample size.
As a rule, sampling error decreases by half by increasing the sample size four times.
In this case, B sample is 2 times higher the A sample size.
Now, the Mean sampling error is affected and is not higher for A.
But it's sample is huge for this, Thus, they are almost equal
Variability of simulation decreases with increase in number of trials. A has less variability.
With increase number of trials, variability of simulation decreases, so A has less variability.
