Homework Answers
Insurance company has divided people as follows
1.Good risk
2.Average risk
3.Bad risk
a. Probability that a randomly selected person has a accident next year
=17.5%
b.from the below table policy holder risk can be calculated
| Risk | probability | accumulated probability | range |
|---|---|---|---|
| Good | .05 | .05 | 0-4 |
| Average | .15 | .20 | 5-19 |
| Bad | .30 | .50 | 20-50 |
As the range 17.5 falls in average risk..the policy holder will be average risk
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