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Time Remain This Question: 1 pt | 360f 36 (1 7 complete) An insurance company estimates...
An insurance company estimates that it should make an annual profit of $120 on each homeowner's...
An insurance company estimates that it should make an annual profit of $120 on each homeowner's policy written, with a standard deviation of $4000. Complete parts a) through e). a) Why is the standard deviation so large?
Step It The ides of insurance is that we all face fisks that are unlikely but...
Step It The ides of insurance is that we all face fisks that are unlikely but carry high cost Think of a fire destroying your home So we form a group to gare the risk: we all pay ?? smal amount, and the insurance polcy pays a large arount to those few of us whose homes burn down. An insurance company locks at the records for millions of homeowners and sees that te mean loss from fire in a year...
65. More on insurance An insurance company claims 7 that in the entire population of homeowners,...
65. More on insurance An insurance company claims 7 that in the entire population of homeowners, the mea annual loss from fire is μ-5250 and the standard deviation of the loss is σ 5000, The distribution of fosses is strongly right-sken ed:用ant pdilcies have S0 loss, but a few have large losses. The company hopes to sell 1000 of these policies for $300 each (b) If the company wants to be 90%eertainthat themean loss from fire in an SRS of...
(1 point) An insurance company knows that in the entire population of millions of homeowners, the...
(1 point) An insurance company knows that in the entire population of millions of homeowners, the mean annual loss from fire is ? = $150 and the standard deviation of the loss is ? = $900. The distribution of losses is strongly right skewed: most policies have $0 loss, but a few have large losses. If the company sells 10,000 policies, what is the probability that it can safely base its rates on the assumption that its average loss will...
This is the Full Question. There are not anymore details. Neighborhood Insurance sells fire insurance policie...
This is the Full Question. There are not anymore details.
Neighborhood Insurance sells fire insurance policies to local homeowners. The premium is $360, the probability of a fire is 01%, and in the event of a fire, the insured damages (the payout on the policy) will be $350,000 a. Make a table of the two possible peyouts on each policy with the probability of each, Outcome A: No Fire Outcome B: Fire! Payout b. Suppose you own the entire firm,...
I really need a help with it please. Thank you. Neighborhood Insurance sells fire insurance policies to local ho...
I really need a help with it please. Thank you.
Neighborhood Insurance sells fire insurance policies to local homeowners. The premium is $170, the probability of a fire is 0.1%, and in the event of a fire, the insured damages (the payout on the policy) will be $160,000 a. Make a table of the two possible payouts on each policy with the probability of each Answer is complete but not entirely correct. Outcome Outcome Fire! No Fire 170 Payout $...
please hightlight the answers Neighborhood Insurance sells fire insurance policies to local homeowners. The premium is...
please hightlight the answers
Neighborhood Insurance sells fire insurance policies to local homeowners. The premium is $200, the probability of a fire is 0.1%, and in the event of a fire, the insured damages (the payout on the policy) will be $190,000 a. Make a table of the two possible payouts on each policy with the probability of each. Outcome A: No Fire $ o Outcome B: Fire! 190,000 Payout b. Suppose you own the entire firm, and the company...
An insurance company is reviewing its current policy rates. When originally setting the rates they believed...
An insurance company is reviewing its current policy rates. When originally setting the rates they believed that the average claim amount was $1,800. They are concerned that the true mean is actually higher than this because they could potentially lose a lot of money. They randomly select 40 claims and calculate a sample mean of $1,950. Assuming that the standard deviation of claims is $500, and set ® = :05, test to see if the insurance company should be concerned....
This Question: 4 pts 2 of 42 (0 complete) Breast cancer The amount of time that...
This Question: 4 pts 2 of 42 (0 complete) Breast cancer The amount of time that it takes for various slow-growing tumors to double in size are listed in the table on the right Type of Cancer a. Find the mean and standard deviation of these data b. How many of these cancers have doubling times that are Rectal cancer within 3 standard deviations of the mean? Synovioma c. If a person had a nonspecified tumor that was doubling Skin...
Answer all questions This Question: 1 pt 3 of 10 (10 complete)Y This Test: 10 pts...
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This Question: 1 pt 3 of 10 (10 complete)Y This Test: 10 pts possibl There is a 0 9991 probability that a randomly selected 30 year-old male lives through the year A lile insurance year If the male does not survive the year, the policy pays out $90,000 as a death benefit Complete parts (a) through (c) below a. From the perspective of the 30-year-old male, what are the monetary values corresponding to the two events of...
Step It The ides of insurance is that we all face fisks that are unlikely but carry high cost Think of a fire destroying your home So we form a group to gare the risk: we all pay ?? smal amount, and the insurance polcy pays a large arount to those few of us whose homes burn down. An insurance company locks at the records for millions of homeowners and sees that te mean loss from fire in a year...
65. More on insurance An insurance company claims 7 that in the entire population of homeowners, the mea annual loss from fire is μ-5250 and the standard deviation of the loss is σ 5000, The distribution of fosses is strongly right-sken ed:用ant pdilcies have S0 loss, but a few have large losses. The company hopes to sell 1000 of these policies for $300 each (b) If the company wants to be 90%eertainthat themean loss from fire in an SRS of...
(1 point) An insurance company knows that in the entire population of millions of homeowners, the mean annual loss from fire is ? = $150 and the standard deviation of the loss is ? = $900. The distribution of losses is strongly right skewed: most policies have $0 loss, but a few have large losses. If the company sells 10,000 policies, what is the probability that it can safely base its rates on the assumption that its average loss will...
This is the Full Question. There are not anymore details.
Neighborhood Insurance sells fire insurance policies to local homeowners. The premium is $360, the probability of a fire is 01%, and in the event of a fire, the insured damages (the payout on the policy) will be $350,000 a. Make a table of the two possible peyouts on each policy with the probability of each, Outcome A: No Fire Outcome B: Fire! Payout b. Suppose you own the entire firm,...
I really need a help with it please. Thank you.
Neighborhood Insurance sells fire insurance policies to local homeowners. The premium is $170, the probability of a fire is 0.1%, and in the event of a fire, the insured damages (the payout on the policy) will be $160,000 a. Make a table of the two possible payouts on each policy with the probability of each Answer is complete but not entirely correct. Outcome Outcome Fire! No Fire 170 Payout $...
please hightlight the answers
Neighborhood Insurance sells fire insurance policies to local homeowners. The premium is $200, the probability of a fire is 0.1%, and in the event of a fire, the insured damages (the payout on the policy) will be $190,000 a. Make a table of the two possible payouts on each policy with the probability of each. Outcome A: No Fire $ o Outcome B: Fire! 190,000 Payout b. Suppose you own the entire firm, and the company...
This Question: 4 pts 2 of 42 (0 complete) Breast cancer The amount of time that it takes for various slow-growing tumors to double in size are listed in the table on the right Type of Cancer a. Find the mean and standard deviation of these data b. How many of these cancers have doubling times that are Rectal cancer within 3 standard deviations of the mean? Synovioma c. If a person had a nonspecified tumor that was doubling Skin...
Answer all
questions
This Question: 1 pt 3 of 10 (10 complete)Y This Test: 10 pts possibl There is a 0 9991 probability that a randomly selected 30 year-old male lives through the year A lile insurance year If the male does not survive the year, the policy pays out $90,000 as a death benefit Complete parts (a) through (c) below a. From the perspective of the 30-year-old male, what are the monetary values corresponding to the two events of...
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