IIFT 2010 Question Paper Question 4

Question 4

Sun Life Insurance Company issues standard,preferred, and ultra-preferred policies. Amongthe company’s policy holders of a certain age,50% are standard with a probability of 0.01 ofdying in the next year, 30% are preferred with aprobability 0.008 of dying in the next year, and20% are ultra-preferred with a probability of0.007 of dying in the next year. If a policy holderof that age dies in the next year, what is theprobability of the deceased being a preferredpolicy holder?

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