Patricia is a 60 year old / female / who lives in Bismark, N…
Patricia is a 60 year old / female / who lives in Bismark, North Dakota – and she wants to apply for a life insurance policy. The life insurance company decides to perform a statistical probability analysis to determine the likelihood (frequency) that a 60 year old / female / who lives in Bismark, North Dakota will die within any given year. Why does the life insurance company decide to perform the more time consuming statistical probability analysis; versus using the much more simple theoretical (A priori) probability analysis?
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