The number of claims on an insurance policy is a random variable with the following distribution function:
Find the mean and variance of X.
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Claims occur on a portfolio of 100 general insurance policies according to a Poisson process. The expected number of claims per annum on each policy is , and the claim size distribution has density function f(x), where 1 f(x) = xe-x/100 x > 0 10000 The parameter is not the same for all policies in the portfolio, but is modelled as a random variable (independent of the claim sizes) with density function g(2), where: g(1) = 1001e-102 2> 0 (i)...
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According to my professor, L and d are supposedly values that are able to be found using just the information in part(i). I have no idea how to begin to do this, so help would be greatly appreciated. I do not need any help with part (ii), just part (i) The random variable X follows a Pareto distribution with parameters o and 0. i) Show that for ,L and d >0 xf(x)dx= i) Claims on a certain type of motor...
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An insurance company models the number of claims filed by a policyholder under a vision care insurance policy as a Poisson random variable with mean 5. The insurance collects information from a sample of 200 vision care insurance policyholders. Find the probability that the average number of claims per policyholder is between 4.97 and 5.19.
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