Claim size for an insurance coverage follows a lognormal distribution with mean 1000 and median 800....
Claim size for an insurance coverage follows a lognormal distribution with mean 1000 and median 800. Determine the probability that a claim will be greater than 1200.
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Claim size for an insurance coverage follows a lognormal
distribution with mean 1000 and median 800....
The CO2 emissions from a factory are modeled as a lognormal distribution. If the probability that...
The CO2 emissions from a factory are modeled as a lognormal distribution. If the probability that the emission is greater 1130 tonnes is 65% and the emission is greater than 100 tonnes is 95%, find the mean and standard deviation of the log-transformed CO2 emissions from the factory? [use log to the base 10]
If one or more claims are filed within the next year with Insurance Company ABC, the sum of the claim amounts follo...
If one or more claims are filed within the next year with Insurance Company ABC, the sum of the claim amounts follow a normal distribution with a mean of 500 and 4,57 variance of 1200. The probability that a claim will not be filed within the next year 5 with Insurance Company ABC is 0.10. If one or more claims are filed within the next year with Insurance Company XYZ, the sum of the claim amounts follow a normal distribution...
For a liability coverage, you are given: Losses for each insured follow an exponential distribution with...
For a liability coverage, you are given: Losses for each insured follow an exponential distribution with mean (alpha) (alpha)varies by insured. (alpha)follows a single-parameter Pareto distribution with parameter= 1, with= 1000. Calculate the probability that a loss will be less than 500. (a) 0.2131(b) 0.3131(c) 0.4131(d) 0.5131(e) 0.6131
For the following particle size distribution data, calculate the arithmetic mean, geometric mean, count median, and...
For the following particle size distribution data, calculate the arithmetic mean, geometric mean, count median, and diameter of the particle with average surface area. Particle size (diameter) Number 1 3 3 5 5 2 8 1
The distribution of weekly salaries at a large company is right-skewed with a mean of $1000...
The distribution of weekly salaries at a large company is right-skewed with a mean of $1000 and a standard deviation of $350. a) Determine the sampling distribution of the mean salary for samples of size 60. b) If a sample of weekly salaries of 60 employees is randomly selected, what is the probability that the sample mean salary will be within $50 of the population mean $1000 (the mean weekly salary for all employees)?
Using the population distribution below, suppose thousands of samples of size 40 are taken from this...
Using the population distribution below, suppose thousands of samples of size 40 are taken from this population. What would the sampling distribution of all the sample means look like according to the Central Limit Theorem? Identify the shape. center, spread. Population Mean Median Std. dev. 11.2415 8.5987 9.4604 30 40 Population a. The sampling distribution would be normal with a mean that is less than 11.2415 and standard deviation less than 9.4604 b. The sampling distribution would be skewed to...
An insurance company has issued 100 policies. The number of claims filed under each policy follows a Poisson distribution with a mean 2. Assuming that the claims filed by each policyholder are in...
An insurance company has issued 100 policies. The number of claims filed under each policy follows a Poisson distribution with a mean 2. Assuming that the claims filed by each policyholder are independent of each other, what is the approximate probability that more than 220 claims will be filed by the group of policyholders? B) 0.159 A) 0.079 C) 0.444 D) 0.556 E) 0.921 Question 2-20 An actuary is studying claim patterns in an insurer's book of business. He compiles...
The probability distribution for damage claims paid by the Newton Automobile Insurance Company on collision insurance...
The probability distribution for damage claims paid by the Newton Automobile Insurance Company on collision insurance follows. Payment ($) Probability 0 0.82 500 0.05 1000 0.04 3000 0.04 5000 0.03 8000 0.01 10000 0.01 a. Use the expected collision payment to determine the collision insurance premium that would enable the company to break even. Answer: $ b. The insurance company charges an annual rate of $595 for the collision coverage. What is the expected value of the collision policy for...
A probability distribution of the claim sizes for an auto insurance policy appears in the following...
A probability distribution of the claim sizes for an auto insurance policy appears in the following table. Claims 3 Probability 0.15 0.15 0.05 0.05 0.3 0.3 Find the percentage of claims within one standard deviation of the mean. Preview %
The number of inclusions in cast iron follows a Poisson distribution with a mean of 2,500...
The number of inclusions in cast iron follows a Poisson distribution with a mean of 2,500 per cubic centimeter. Poisson Distribution (pmf): 1.X e f(x) = P(X = x) = for x = 0,1,2,... (a) Determine the mean and standard deviation of the number of inclusions in a cubic centimeter. (b) Approximate the probability that less than or equal to 2600 inclusions occur in a cubic centimeter. (Hints: use the normal approximation method.) (c) Approximate the probability that greater than...
If one or more claims are filed within the next year with Insurance Company ABC, the sum of the claim amounts follow a normal distribution with a mean of 500 and 4,57 variance of 1200. The probability that a claim will not be filed within the next year 5 with Insurance Company ABC is 0.10. If one or more claims are filed within the next year with Insurance Company XYZ, the sum of the claim amounts follow a normal distribution...
Using the population distribution below, suppose thousands of samples of size 40 are taken from this population. What would the sampling distribution of all the sample means look like according to the Central Limit Theorem? Identify the shape. center, spread. Population Mean Median Std. dev. 11.2415 8.5987 9.4604 30 40 Population a. The sampling distribution would be normal with a mean that is less than 11.2415 and standard deviation less than 9.4604 b. The sampling distribution would be skewed to...
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...
A probability distribution of the claim sizes for an auto insurance policy appears in the following table. Claims 3 Probability 0.15 0.15 0.05 0.05 0.3 0.3 Find the percentage of claims within one standard deviation of the mean. Preview %
The number of inclusions in cast iron follows a Poisson distribution with a mean of 2,500 per cubic centimeter. Poisson Distribution (pmf): 1.X e f(x) = P(X = x) = for x = 0,1,2,... (a) Determine the mean and standard deviation of the number of inclusions in a cubic centimeter. (b) Approximate the probability that less than or equal to 2600 inclusions occur in a cubic centimeter. (Hints: use the normal approximation method.) (c) Approximate the probability that greater than...
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**86 at 40 not 88. please show how got Tr in calculations thank
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