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Question 1 (21 marks) (a) (8 marks) General insurance company receives claims 24/7. Claim arrival rate...
A large, international insurance firm expects to receive 16 insurance claims in every 24 hour day....
A large, international insurance firm expects to receive 16 insurance claims in every 24 hour day. Occurrences of these claims follow an approximate Poisson a) Find the probability that the insurance company will wait more than 3 hours to b) Using a gamma distribution and integration by parts, find the probability that c) Using a Poisson distribution, find the probability the insurance company will wait process receive a single claim the insurance company will wait more than 3 hours to...
QUESTION 4 [4] A short term insurance company receives five motor vehicle claims, on average, per...
QUESTION 4 [4] A short term insurance company receives five motor vehicle claims, on average, per day. Assume that the daily claims follow a Poisson process. a) What is the probability that more than one motor vehicle claim is received over any given period of two working days? (2) b) What is the probability that more than 6 but less than 9 motor vehicle claims will be received in any given day? (2)
If one or more claims are filed within the next year with Insurance Company ABC, the sum of the claim amounts follo...
If one or more claims are filed within the next year with Insurance Company ABC, the sum of the claim amounts follow a normal distribution with a mean of 500 and 4,57 variance of 1200. The probability that a claim will not be filed within the next year 5 with Insurance Company ABC is 0.10. If one or more claims are filed within the next year with Insurance Company XYZ, the sum of the claim amounts follow a normal distribution...
(5 marks) Consider an account of money that an insurance company has available to pay insurance...
(5 marks) Consider an account of money that an insurance company has available to pay insurance claims, where the balance changes continuously over time according to the following rules: .The balance increases continuously at a constant rate of $2,000/day as premiums are collected The balance drops when a claim is paid out, where claim amounts, X, are Exponentially distributed with a mean of $1,000. The time to wait until the next claim, Y, is Exponentially distributed with a mean of...
Question 21 (1 point) On average, each insurance claim forwarded to a certain division of an...
Question 21 (1 point) On average, each insurance claim forwarded to a certain division of an insurance company has a 62% chance of getting approved after the preliminary review. In addition to that, all claims forwarded to this office are assumed to be independent of each other. Suppose on a given day 5 claims are forwarded to this office. What is the probability that at least one of the 5 claims will be approved after the preliminary review? Notes: 1...
An insurance company processes 800 claims per year. The average processing time for a claim is...
An insurance company processes 800 claims per year. The average processing time for a claim is 5 weeks. 45 percent of all claims received are car insurance claims, 40 percent of all claims received are motorcycle insurance claims, 10 percent are boat insurance claims, and the remaining are house insurance claims. Hint: These are throughput values. On average there are, 20 car, 9 motorcycles, 12 boats, and some house claims in process. Hint: These are inventory values. Assume 50 weeks...
(EXPONENTIAL DISTRIBUTION) Customers arrive at the claims counter at the rate of 20 per hour (Poisson...
(EXPONENTIAL DISTRIBUTION) Customers arrive at the claims counter at the rate of 20 per hour (Poisson distributed). What is the probability that the arrival time between consecutive customers is less than five minutes? Hint: Compute P(X<5) 1-e after compute ] (3 pts.)
Question No. 1: [6 Marks) There are 24 girls and 25 boys in a Basic Business...
Question No. 1: [6 Marks) There are 24 girls and 25 boys in a Basic Business Statistics class. On a Task-1, 15 girls and 14 boys made A-grade. A student is selected randomly. What is the probability of selecting a girl and A-grade student? Question No. 2: [6 Marks) A die is rolled twice. What is the probability of getting 2 or 5? Question No. 3: [3 Marks) How many possible permutations can be formed from the word “SUMMER”? Question...
Vinton Auto Insurance is trying to decide how much money to keep in liquid assets to cover insurance claims. In the past, the company held some of the premiums it received in interest-bearing checking...
Vinton Auto Insurance is trying to decide how much money to keep in liquid assets to cover insurance claims. In the past, the company held some of the premiums it received in interest-bearing checking accounts and put the rest into investments that are not quite as liquid but tend to generate a higher investment return. The company wants to study cash flows to determine how much money it should keep in liquid assets to pay claims. After reviewing historical data,...
24. An actuary at a life insurance company is working on a project to see if...
24. An actuary at a life insurance company is working on a project to see if the life insurance company has collected enough premiums to pay out projected life insurance claims. His calculations show that the company will have a liability due in 10 years in the amount of $53,250,000. In other words, the actuary calculations estimate that the life insurance company will receive claims in the amount of $53,250,000 in 10 years based on life probability estimates of its...
A large, international insurance firm expects to receive 16 insurance claims in every 24 hour day. Occurrences of these claims follow an approximate Poisson a) Find the probability that the insurance company will wait more than 3 hours to b) Using a gamma distribution and integration by parts, find the probability that c) Using a Poisson distribution, find the probability the insurance company will wait process receive a single claim the insurance company will wait more than 3 hours to...
If one or more claims are filed within the next year with Insurance Company ABC, the sum of the claim amounts follow a normal distribution with a mean of 500 and 4,57 variance of 1200. The probability that a claim will not be filed within the next year 5 with Insurance Company ABC is 0.10. If one or more claims are filed within the next year with Insurance Company XYZ, the sum of the claim amounts follow a normal distribution...
(5 marks) Consider an account of money that an insurance company has available to pay insurance claims, where the balance changes continuously over time according to the following rules: .The balance increases continuously at a constant rate of $2,000/day as premiums are collected The balance drops when a claim is paid out, where claim amounts, X, are Exponentially distributed with a mean of $1,000. The time to wait until the next claim, Y, is Exponentially distributed with a mean of...
Question 21 (1 point) On average, each insurance claim forwarded to a certain division of an insurance company has a 62% chance of getting approved after the preliminary review. In addition to that, all claims forwarded to this office are assumed to be independent of each other. Suppose on a given day 5 claims are forwarded to this office. What is the probability that at least one of the 5 claims will be approved after the preliminary review? Notes: 1...
(EXPONENTIAL DISTRIBUTION) Customers arrive at the claims counter at the rate of 20 per hour (Poisson distributed). What is the probability that the arrival time between consecutive customers is less than five minutes? Hint: Compute P(X<5) 1-e after compute ] (3 pts.)
Question No. 1: [6 Marks) There are 24 girls and 25 boys in a Basic Business Statistics class. On a Task-1, 15 girls and 14 boys made A-grade. A student is selected randomly. What is the probability of selecting a girl and A-grade student? Question No. 2: [6 Marks) A die is rolled twice. What is the probability of getting 2 or 5? Question No. 3: [3 Marks) How many possible permutations can be formed from the word “SUMMER”? Question...
24. An actuary at a life insurance company is working on a project to see if the life insurance company has collected enough premiums to pay out projected life insurance claims. His calculations show that the company will have a liability due in 10 years in the amount of $53,250,000. In other words, the actuary calculations estimate that the life insurance company will receive claims in the amount of $53,250,000 in 10 years based on life probability estimates of its...
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