Question

What role does math play in the insurance industry?
Insurance companies use statistics to find how likely a client will need to use the insurance so they can set premiums in order to have the highest chance of making a profit.
Insurance companies use algebra and geometry to calculate the distance from clients' major emergencies to nearest hospitals.
Insurance companies use statistics to hypothesize how likely clients are to switch over to competitive companies.
Insurance companies use calculus to find out how likely a client will need to use the insurance so they can set premiums in order to have the highest chance of making a profit.

Answer 1

Answer:

The role math plays in the insurance industry is:

Insurance companies use statistics to find how likely a client will need to use the insurance so they can set premiums in order to have the highest chance of making a profit.

Step-by-step explanation:

Two reasons back this answer, first of all the insurance companies study the complete profile of the applicant to understand what will be the probability of the insurance usage as well as the most common way it will be used to charge the premiums at the best probability their model suggest. Consider a teacher who works in a school relatively close to his house and doesn't practice any high-risk activity. He is going to likely have a small premium while a snowboarding pro will have a very expensive premium.

Answer 2

The insurance industry is an industry that is an entity that provides insurance or insures the policyholder of the entity that is meant to be covered.  

• Here the insurers get a contract with deals with the conditions and circumstances. Under which they will compensate the endured or the delegated beneficiary.

• Insurance companies use statistics on how likely towards its for companies to inspire competitive companies. They are also ready o make use of the set premiums and have a high chance of making a profit.

Hence the option A and C are correct.

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