A dental insurance policy covers three procedures: orthodontics, filling, and extractions. During the life of the...
A dental insurance policy covers three procedures: orthodontics, filling, and extractions. During the life of the policy, the probability that the policyholder needs: Orthodontic work is 1/2 Orthodontic work or a filling is 2/3 Orthodontic work or an extraction is 3/4 A filling and an extraction is 1/8 The need for orthodontic work is independent of the need for a filling and is independent of the need for an extraction. Calculate the probability that the policyholder will need a filling or an extraction during the life of the policy.
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A dental insurance policy covers three procedures: orthodontics,
filling, and extractions. During the life of the...
The loss L due to a boat accident is exponentially distributed. Boat insurance policy A covers...
The loss L due to a boat accident is exponentially distributed. Boat insurance policy A covers up to 1 unit for each loss. Boat insurance policy B covers up to 2 units for each loss. The probability that a loss is fully covered under policy B is 1.9 times the probability that it is fully covered under policy A. Calculate the variance of L. the answer is 90.7
The loss L due to a boat accident is exponentially distributed. Boat insurance policy A covers...
The loss L due to a boat accident is exponentially distributed. Boat insurance policy A covers up to 1 unit for each loss. Boat insurance policy B covers up to 2 units for each loss. The probability that a loss is fully covered under policy B is 1.9 times the probability that it is fully covered under policy A. Calculate the variance of L. The answer is 100[2e^−0.1d −e^−0.2d]
3. An insurance policy covers losses X and Y which have joint density function (a) Find the expec...
parts a, b and c please
3. An insurance policy covers losses X and Y which have joint density function (a) Find the expected value of X. (b) Find the probability of a payout if the policy pays X + 2Y subject to a deductible of 1 on X and 1 on 2Y (c) Find the probability of a payout if the policy pays X +2Y subject to a deductible of 2 on the total payment X +2Y.
3. An...
Calculate Life Insurance Needs Directions: Calculate the life insurance needs in each scenario below using the...
Calculate Life Insurance Needs Directions: Calculate the life insurance needs in each scenario below using the appropriate method-7/70 method, 50% method or single parent method. 1. A woman who earns a salary of $62,000 decides to purchase a life insurance policy. She is married with two children and wants to be able to cover their college tuition. The children are 13 and 15 years old. Therefore, she decided to use the 7/70 method. How much should her life insurance policy...
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)...
one with u = 5. An insurance company issues 1250 vision policies. The number of claims...
one with u = 5. An insurance company issues 1250 vision policies. The number of claims filed by a policyholder under a vision policy during year is a random Variable 2 and 6=52. Assume humber of claims filed by different policy holders are mutually independent, Calculate the approximate probability that there is a total of between 2450 and 2600 claims during a one year periode 6. the profit for a new product is given by..Z - 3X-Y-5 Jf Xand Y...
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...
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...
4. A life insurance saleswoman sells on average 3 life insurance policies per week. Assume that...
4. A life insurance saleswoman sells on average 3 life insurance policies per week. Assume that the number of life insurance policies per week follows a Poisson distribution. Find the probability that in a given week, the saleswoman will sell (a) (4 points) At least 1 policy. (b) (4 points) 2 or more, but fewer than 5 policies
An insurance agent sells life, health and auto insurance. During the year she met with 85...
An insurance agent sells life, health and auto insurance. During the year she met with 85 potential clients. Of these 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)...
parts a, b and c please
3. An insurance policy covers losses X and Y which have joint density function (a) Find the expected value of X. (b) Find the probability of a payout if the policy pays X + 2Y subject to a deductible of 1 on X and 1 on 2Y (c) Find the probability of a payout if the policy pays X +2Y subject to a deductible of 2 on the total payment X +2Y.
3. An...
Calculate Life Insurance Needs Directions: Calculate the life insurance needs in each scenario below using the appropriate method-7/70 method, 50% method or single parent method. 1. A woman who earns a salary of $62,000 decides to purchase a life insurance policy. She is married with two children and wants to be able to cover their college tuition. The children are 13 and 15 years old. Therefore, she decided to use the 7/70 method. How much should her life insurance policy...
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)...
one with u = 5. An insurance company issues 1250 vision policies. The number of claims filed by a policyholder under a vision policy during year is a random Variable 2 and 6=52. Assume humber of claims filed by different policy holders are mutually independent, Calculate the approximate probability that there is a total of between 2450 and 2600 claims during a one year periode 6. the profit for a new product is given by..Z - 3X-Y-5 Jf Xand Y...
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...
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...
4. A life insurance saleswoman sells on average 3 life insurance policies per week. Assume that the number of life insurance policies per week follows a Poisson distribution. Find the probability that in a given week, the saleswoman will sell (a) (4 points) At least 1 policy. (b) (4 points) 2 or more, but fewer than 5 policies
An insurance agent sells life, health and auto insurance. During the year she met with 85 potential clients. Of these 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)...
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