Q1: An insurance policy pays $100 per day for up to 3 days of hospitalization and $50 per day for each day of hospitaliz

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Q1 An Insurance Policy Pays 100 Per Day For Up To 3 Days Of Hospitalization And 50 Per Day For Each Day Of Hospitaliz 1 (20.08 KiB) Viewed 15 times

Q1: An insurance policy pays $100 per day for up to 3 days of hospitalization and $50 per day for each day of hospitalization thereafter. The number X of days of hospitalization has a pmf given by (i) € Px(k)= 6-k 15 , for k= 1, 2, 3, 4, 5 , otherwise. Make a table to show the distribution of the payment for hospitalization under the above policy. Find the expected payment for hospitalization.