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An insurance agent sells life, health and auto insurance. During the year she met with 85...
8. An insurance agent sells life, health and auto insurance. During the year she met with...
8. An insurance agent sells life, health and auto insurance. During the year she met with 85 potential clients. 42 purchased life insurance, 40 purchased health insurance, 24 purchased auto insurance, 14 purchased both life and health, 9 both life and auto, 11 both health and auto, and 2 purchased all 3. A client is selected at random. Calculate the following: a) P(client purchased no polices) b) P(client purchased health insurance only) c) P(client purchased a single insurance policy) d)...
An insurance agent sells two types of insurance, life and health. Of his clients, 38 have...
An insurance agent sells two types of insurance, life and health. Of his clients, 38 have life policies, 29 have health policies and 2l have both. How many clients does he have?
(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...
CNNBC recently reported that the mean annual cost of auto insurance is 1003 dollars. Assume the...
CNNBC recently reported that the mean annual cost of auto insurance is 1003 dollars. Assume the standard deviation is 182 dollars. You will use a simple random sample of 85 auto insurance policies. Find the probability that a single randomly selected policy has a mean value between 989.2 and 1024.7 dollars. P1989.2 < X < 1024.7) = Find the probability that a random sample of size n = 85 has a mean value between 989.2 and 1024.7 dollars. P(989.2 <M...
What type of Life insurance such as term, whole life, variable, etc. would you recommend for...
What type of Life insurance such as term, whole life, variable, etc. would you recommend for each of these clients and why? Think these scenarios through based on what you learned in chapter 11. Be sure to explain how each policy works and why it is right for them. A highly successful risk taking widow age 50 with 4 kids ages 14, 20, 23, and 24. She has a high income ($200k) but few assets saved. She is in great...
Insurance companies track life expectancy information to assist in determining the cost of life insurance policies....
Insurance companies track life expectancy information to assist in determining the cost of life insurance policies. Life expectancy is a statistical measure of average time a person is expected to live, based on a number of demographic factors. Mathematically, life expectancy is the mean number of years of life remaining at a given age, assuming age-specific mortality rates remain at their most recently measured levels. Last year the average life expectancy of all the Life Insurance policyholders in Ontario...
What types Of marketing messages should each of the three life insurance companies design to reach...
What types Of marketing messages should each of the three life
insurance companies design to reach consurners such as John and
Sandy. for either the information search. evaluation of
alternatives. or both Stages Of the buying decision marking
process?
ohn Mulvaney just reached an important milestone in his life-birth of his first child. After seven years as a DINK (dual income-no kids) family, he and his wife Sandy decided it was time add a new member. At that point the...
Suppose a life insurance company sells a $150,000 one-year term life insurance policy to a 19-year-old...
Suppose a life insurance company sells a $150,000 one-year term life insurance policy to a 19-year-old female for $220. The probability that the female survives the year is 0.999554, Compute and interpret the expected value of this policy to the insurance company The expected value is $ . (Round to two decimal places as needed.) Which of the following interpretation of the expected value is correct? O A. The insurance company expects to make an average profit of $153.10 on...
14) Which of the following statements about life income settlement options is (are) true 1. Under...
14) Which of the following statements about life income settlement options is (are) true?I. Under a joint-and-survivor life income option, payments cease at the death of the second (last) surviving) annuitant,II. Under a life income with guaranteed period, a contingent beneficiary is guaranteed a minimum number of payments regardless of when the primary beneficiary dies.A) I onlyB) II onlyC) both I and II]D) neither I nor II15) Bruce left a question about heart disease blank on his life insurance application...
Assignment 10 1. A random sample of 37 drivers insured with a company having similar auto...
Assignment 10 1. A random sample of 37 drivers insured with a company having similar auto insurance policies) was selected The data table lists each of the driver's driving experience in years (DU), and their monthly auto insurance pre- miums in dollars (CU). A researcher wished to determine the following: Correlation: Experience (yrs) 1. On an a priori basis, would the researcher expect a positive or negative inverse) relationship between years driving experience and monthly insurance pre- miums? 4 4...
8. An insurance agent sells life, health and auto insurance. During the year she met with 85 potential clients. 42 purchased life insurance, 40 purchased health insurance, 24 purchased auto insurance, 14 purchased both life and health, 9 both life and auto, 11 both health and auto, and 2 purchased all 3. A client is selected at random. Calculate the following: a) P(client purchased no polices) b) P(client purchased health insurance only) c) P(client purchased a single insurance policy) d)...
(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...
CNNBC recently reported that the mean annual cost of auto insurance is 1003 dollars. Assume the standard deviation is 182 dollars. You will use a simple random sample of 85 auto insurance policies. Find the probability that a single randomly selected policy has a mean value between 989.2 and 1024.7 dollars. P1989.2 < X < 1024.7) = Find the probability that a random sample of size n = 85 has a mean value between 989.2 and 1024.7 dollars. P(989.2 <M...
What types Of marketing messages should each of the three life
insurance companies design to reach consurners such as John and
Sandy. for either the information search. evaluation of
alternatives. or both Stages Of the buying decision marking
process?
ohn Mulvaney just reached an important milestone in his life-birth of his first child. After seven years as a DINK (dual income-no kids) family, he and his wife Sandy decided it was time add a new member. At that point the...
Suppose a life insurance company sells a $150,000 one-year term life insurance policy to a 19-year-old female for $220. The probability that the female survives the year is 0.999554, Compute and interpret the expected value of this policy to the insurance company The expected value is $ . (Round to two decimal places as needed.) Which of the following interpretation of the expected value is correct? O A. The insurance company expects to make an average profit of $153.10 on...
Assignment 10 1. A random sample of 37 drivers insured with a company having similar auto insurance policies) was selected The data table lists each of the driver's driving experience in years (DU), and their monthly auto insurance pre- miums in dollars (CU). A researcher wished to determine the following: Correlation: Experience (yrs) 1. On an a priori basis, would the researcher expect a positive or negative inverse) relationship between years driving experience and monthly insurance pre- miums? 4 4...
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