Kac’s conjecture relating the solution of wave and telegraph equations in higher dimensions through a Poisson process-driven random time is established through the concepts of stochastic calculus. New expression is derived for the probability density function of the random time. We demonstrate how the relationship between the solution of a lossy wave- and that of a lossless wave equation can be exploited to derive some statistical identities. Relevance of the results presented to the study of pulse propagation in a dispersive medium characterized by a Lorentz or Drude model is discussed and new evolution equations for 2D Maxwell’s equations are presented for the Drude medium. It is shown that the computational time required for updating the electric field using the stochastic technique is expected to go up.