Show all work:
Insurance companies track life expectancy information to assist in determining the cost of life insurance policies. Last year the average life expectancy of all policyholders was 77 years. ABI Insurance wants to determine if their clients now have a longer life expectancy, on average, so they randomly sample some of their recently paid policies. Suppose ABI samples 100 recently paid policies. This sample yields a mean of 77.7 years and a standard deviation of 3.6 years.
State the null and alternative hypothesis
Find the Critical value
Calculate the test statistic
What is your decision?
If you are satisfied with my answer then please give me a thumbs-up.
Thank you.
Please drop a thumbs-up.
Show all work: Insurance companies track life expectancy information to assist in determining the cost of...
Insurance Companies track life expectancy information to assist in determing the cost of life insurance policies. Last year the average life expectancy of all policy holders was 77 years. ABI Insurance wants to determine if their clients now have a longer life expectancy, on average, so they randomly sample some of their recently paid policies. The ages of the clients in the sample are shown below. 86 75 83 84 81 77 78 79 79 81 76 85 70 76...
6. Insurance companies track life expectancy information to assist in determining the cost of life insurance policies. They want to know if their clients this year have a longer life expectancy, on average, so the company randomly sampled 20 policyholders to see if the mean life expectancy of policyholders has increased. The mean life expectancy for the random sample was 78.6 years with a sample standard deviation of 5.12 years. The insurance company will only change their premium structure if...
Insurance companies track life expectancy information to assist in determining the cost of life insurance policies. The insurance company knows that, last year, the life expectancy of its policy holders was 77 years. They want to know if their clients this year have a longer life expectancy, on average, so the company randomly samples some of the recently paid policies to see if the mean life expectancy of policy holders has increased. The insurance company will only change their premium...
Insurance companies track life expectancy information to assist in determining the cost of life insurance policies. Life expectancy is a statistical measure of average time a person is expected to live, based on a number of demographic factors. Mathematically, life expectancy is the mean number of years of life remaining at a given age, assuming age-specific mortality rates remain at their most recently measured levels. Last year the average life expectancy of all the Life Insurance policyholders in Ontario...
Please answer neatly and correctly! According to the historical data, the life expectancy in the United States is less than or equal to the life expectancy in Ireland. A new study has been made to see whether this has changed. Records of 290 individuals from the United States who died recently are selected at random. The 290 individuals lived an average of 77.8 years with a standard deviation of 7.8 years. Records of 205 individuals from Ireland who died recently...
According to the Centers for Disease Control and Prevention, average life expectancy in the United States has risen to 77.6 years (source: cnn.com). It has been suggested that residents in rural areas of the Southwest have a shorter life-span than the general population. In a random sample of 250 recently deceased residents of the rural Southwest, the aver- age life span was 75.9 years with a sample standard deviation of 9.8 years. Is the sample evidence suffi- cient to reject...
please show work Jenni, the insurance agent mentioned in question 2, offers all her whole-life policyholders a free insurance needs assessment meeting each year. Some policyholders accept Jenni's offer, some don't. Jenni wonders if the persistency or whole life policies she writes is the same for policyholders who schedule a needs assessment as those for policyholders who do not schedule a needs assessment. Jenni randomly selects 26 policyholders who schedule annual needs assessments and 21 policyholders who don't, and compared...
10 15 16 17 Egypt is equal to the life expectancy in Morocco. A new study has been made to see whether this has According to the historical data, the life expectancy in devlation of 2. sample standard deviations, since the samples that are used to compute them are quite large. At the 0.05 level of significance, is there enough evidence to changed. Records of 230 Individuals from Egvpt who died recently are selected at random. The 230 individuals lived...
You are interested in testing whether life expectancy differs based upon race, so you sample Tucson residents of different races/ethnicities which yields the following results: Race/Ethnicity Asian African American Hispanic White Mean 83.5 years 71.5 years 77.2 years 79.5 years Standard Deviation 5.13 5.24 5.52 4.98 Sample Size 15 16 20 26 Use the incomplete ANOVA table below to answer the following questions. Note, you will need/be asked to complete the missing portions of this table first. Assume life expectancy...
According to a Health of Boston report, female residents in Boston have a higher average life expectancy as compared to male residents (The Boston Globe, August 16, 2010). You collect the following sample data to verify the results of the report. You also use the historical (population) standard deviation of 8.2 years for females and 8.6 years for males. (You may find it useful to reference the appropriate table: z table or t table) Female Male −x1 = 81.1 −x2...