Question
Please help code this in R. The lifetime of a life insurance policy is measured from the date of inception to the date of lapsation
Please help code this in R.
The lifetime of a life insurance policy is measured from the date of inception to the date of lapsation or some other cut-o point. The lifetimes of two types of policies are known to have the Weibull distribution. For the first policy, the scale and shape parameters are postulated to be 1 and 2 respectively, and for the second type of policy, these parameters are both believed to be equal to 1. Graph the joint distribution of the lifetimes of these policy types and then use a simulation to determine the probability that the second type of policy will have a longer lifetime than the first.
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