Claims filed under auto insurance policies follow a normal distribution with mean 19,400 and standard deviation...
(3) An insurance agency sells automobile insurance policies. Suppose claims on the policies are approximately Normal with a mean of $5000 and a standard deviation of $1000. The agency sells n-100 of the policies for the coming year, consider the sample mean claim X10o of the 100 policies. (a) What is the probability an individual loss exceeds $6000? (b) What is the probability X100 exceeds $6000? (c) What is the probability X100 falls between $4900 and $$100?
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...
Question 3-6 An insurance company each policy follows a Poisson distribution with a mean 3. has issued 75 policies. The number of claims filed under Assuming that the claims filed by each policyholder are independent of each other, what is the approximate probability that more than 250 claims will be filed by the group of policyholders? A) 0.048 B 0.168 C) 0.424 D) 0.576 E) 0.952 Question 3-7 650X and let X have the following probability density function: Let Y...
CNNBC recently reported that the mean annual cost of auto insurance is 995 dollars. Assume the standard deviation is 295 dollars, and the cost is normally distributed. You take a simple random sample of 13 auto insurance policies. Round your answers to 4 decimal places. What is the distribution of XX? XX ~ N(,) What is the distribution of ¯xx¯? ¯xx¯ ~ N(,) What is the probability that one randomly selected auto insurance is less than $1019? a simple random...
CNNBC recently reported that the mean annual cost of auto insurance is 996 dollars. Assume the standard deviation is 298 dollars, and the cost is normally distributed. You take a simple random sample of 35 auto insurance policies. Round your answers to 4 decimal places. a. What is the distribution of X ~ N( b. What is the distribution ofT?i~NC,) c. What is the probability that one randomly selected auto insurance is less than $1037? d. a simple random sample...
CNNBC recently reported that the mean annual cost of auto insurance is 965 dollars. Assume the standard deviation is 277 dollars. You take a simple random sample of 87 auto insurance policies. Find the probability that a single randomly selected value exceeds 970 dollars. P(X > 970) = __________ Find the probability that a sample of size n=87 is randomly selected with a mean that exceeds 970 dollars. P(M > 970) = ________ Enter your answers as numbers accurate to...
State Farm Insurance studies show that in Colorado, 55% of the auto insurance claims submitted for property damage are submitted by males under 25 years of age. Suppose 10 property damage claims involving automobiles are selected at random. (a) Let r be the number of claims made by males under age 25. Make a histogram for the r-distribution probabilities. (b) What is the probability that six or more claims are made by the males under age 25? (c) What is...
CNNBC recently reported that the mean annual cost of auto insurance is 1043 dollars. Assume the standard deviation is 266 dollars. You take a simple random sample of 76 auto insurance policies. Find the probability that a single randomly selected value exceeds 984 dollars. P(X > 984)=
CNNBC recently reported that the mean annual cost of auto insurance is 964 dollars. Assume the standard deviation is 203 dollars. You take a simple random sample of 63 auto insurance policies. (Do not use tables unless directed to do so.) Find the probability that a single randomly selected value exceeds 969 dollars. P(X > 969) = Find the probability that a sample of size n = 63 is randomly selected with a mean that exceeds 969 dollars. P( ¯...
State Farm Insurance studies show that in Colorado, 45% of the auto insurance claims submitted for property damage were submitted by males under 25 years of age. Suppose 12 property damage claims involving automobiles are selected at random. (a) Let r be the number of claims made by males under age 25. Make a histogram for the r-distribution probabilities. (b) What is the probability that three or more claims are made by males under age 25? (Use 3 decimal places.)...