Further Probability

Conditional Probability
Do you know that insurance companies make use
of probability to set the insurance premium?
An insurance premium is an amount of money charged
by insurance companies for coverage during accidents,
sickness, disability or death.
The computation of this premium is actually related to
probability. As the probability of an older person having
major illnesses or dying is higher than that of a younger
person, the premium will also be higher.
The science of this branch of mathematics is called
actuarial science and the person specialised in this field
is called the actuary. In this chapter, we shall learn
more about probability.
Conditional Probability is a measure of the
probability of an event given that (by
assumption, presumption, assertion or evidence)
another event has already occurred. If the event
of interest is A and the event B is known or
assumed to have occurred, “the conditional
probability of A given B”, is usually written as
P(A|B).
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