An insurance company studies a sample of 150 policyholders. There are three types of policies: auto,...

Question

Question

An insurance company studies a sample of 150 policyholders. There are three types of policies: auto,...

An insurance company studies a sample of 150 policyholders. There are three types of policies: auto, home and medical. The following results are obtained about the policies held by the policyholders:

 30 have only home insurance

 10 have only medical insurance

 98 have auto insurance but not all three types of insurance

 27 have medical insurance but not all three types of insurance

 13 have auto and medical insurance

Given that a policyholder has medical insurance, calculate the probability that he has home insurance.

math Statistics-And-Probability

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

ne heme 30 ISO 5 LO P/A) 1 5

Add a comment

Answer 2

Similar Homework Help Questions

An insurance company studies a sample of 150 policyholders. There are three types of policies: auto,...

An insurance company studies a sample of 150 policyholders. There are three types of policies: auto, home and medical. The following results are obtained about the policies held by the policyholders: 30 have only home insurance e 10 have only medical insurance 98 have auto insurance but not all three types of insurance 27 have medical insurance but not all three types of insurance . 13 have auto and medical insurance 2. Given that a policyholder has medical insurance, calculate...
An insurer offers auto insurance, fire insurance, and flood insurance. It offers only these policies. The...

An insurer offers auto insurance, fire insurance, and flood insurance. It offers only these policies. The company offers flood insurance only to fire insurance policyholders. That is, policyholders with fire insurance can add flood insurance. You are given: • 80% of all policyholders have auto insurance. • 40% of all policyholders have fire insurance. • 25% of policyholders with auto insurance also have fire insurance. • 50% of policyholders with fire insurance also have flood insurance. • 50% of policyholders...
(a) An insurance company sells several types of insurance policies, including auto policies and home- owner...

(a) An insurance company sells several types of insurance policies, including auto policies and home- owner policies. Let Aj be those people with an auto policy only, A2 those people with a homeowner policy only, and A3 those people with both an auto and homeowner policy (but no other policies). For a person randomly selected from the company's policy holders, suppose that P(A) 0.3, P(A2)-0.2, and P(A3)-0.2. Further, let B be the event that the person will renew at least...

An insurance company offers four different deductible levels-none, low, medium, and high-for its homeowner's policyholders and...

An insurance company offers four different deductible levels-none, low, medium, and high-for its homeowner's policyholders and three different levels-low, medium, and high -for its automobile policyholders. The accompanying table gives proportions for the various categories of policyholders who have both types of insurance. For example, the proportion of individuals with both low homeowner's deductible and low auto deductible is 0.07 (7% of all such individuals). Auto 0.05 0.20 0.15 Suppose an individual having both types of policies is randomly selected....
4. An insurance agent plans to sell three types of policies- homeowner's insurance, auto insuranc...

4. An insurance agent plans to sell three types of policies- homeowner's insurance, auto insurance and life insurance. The average amount of profit returned per vear by each type of insurance policy is as follows: Policy Homeowner's Auto Life Yearly Profit/Policy $50 40 75 Each homeowner's policy will cost $18.20, each auto policy will cost S14.50 and each life insurance policy will cost $30.50 to sell and maintain. He has projected a budget of S80,000 per year. In addition, the...
An insurance company has issued 100 policies. The number of claims filed under each policy follows a Poisson distribution with a mean 2. Assuming that the claims filed by each policyholder are in...

An insurance company has issued 100 policies. The number of claims filed under each policy follows a Poisson distribution with a mean 2. Assuming that the claims filed by each policyholder are independent of each other, what is the approximate probability that more than 220 claims will be filed by the group of policyholders? B) 0.159 A) 0.079 C) 0.444 D) 0.556 E) 0.921 Question 2-20 An actuary is studying claim patterns in an insurer's book of business. He compiles...

A car insurance company offers three types of insurance: liability, collision and comprehensive. The car insurance...

A car insurance company offers three types of insurance: liability, collision and comprehensive. The car insurance company has the following information on its customers insuring only one car: (i) 70% of the cars are insured under the liability. (i) There are twice as many comprehensive policies as collision policies. (ii) A comprehensive insured car is three times as likely to be involved in an accident in a given year as a liability insured car. (iv) A collision insured car is...
Question 3-6 An insurance company each policy follows a Poisson distribution with a mean 3. has issued 75 policies. The number of claims filed under Assuming that the claims filed by each policyh...

Question 3-6 An insurance company each policy follows a Poisson distribution with a mean 3. has issued 75 policies. The number of claims filed under Assuming that the claims filed by each policyholder are independent of each other, what is the approximate probability that more than 250 claims will be filed by the group of policyholders? A) 0.048 B 0.168 C) 0.424 D) 0.576 E) 0.952 Question 3-7 650X and let X have the following probability density function: Let Y...
The Drive‑Rite Insurance Company provides automobile insurance policies for drivers. Design a single class diagram showing...

The Drive‑Rite Insurance Company provides automobile insurance policies for drivers. Design a single class diagram showing the class, the application program, the relationship between the two, and multiplicity. Insert the completed class diagram into a Word document. Then write the pseudocode as described below. Be sure to follow the CSI 117 Style Criteria (Links to an external site.)Links to an external site. for naming conventions, class diagrams, pseudocode, keywords, and operators. a. Create a PolicyHolder class that contains a policy number,...

3. There are three types of life insurance policies that a sales representative can sell: term, whole life, and univers...

3. There are three types of life insurance policies that a sales representative can sell: term, whole life, and universal life. The following matrix gives the number of policies sold by three different representatives during a recent month Whole Universal Life Life 40 Term representaive A 30 representaive B 24 representaive C 34 8 10 32 6 38 Assume representatives A, B, and C earned $4400, $4060, and $4160, respectively, in commissions for these sales. The commission earned depends only...

An insurance company studies a sample of 150 policyholders. There are three types of policies: auto,...

Homework Answers

Add Answer to:
An insurance company studies a sample of 150 policyholders. There are three types of policies: auto,...

Post as a guest

Earn Coins