[Solved] A health insurance company offers a policy that is structured in order to insure against catastrophic (serious and expensive) major health problems.
Question: A health insurance company offers a policy that is structured in order to insure against catastrophic (serious and expensive) major health problems. Suppose that the cost of major health problems is normally distributed with a mean of $8000 and a standard deviation of $3000. The insurance company wants to set a threshold dollar amount over which they will cover all expenses. If they only want to cover 15% of the major health problems’ expenses, what threshold should they set?
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