An insurance company discovered that three policy-holders out of every 1,000 insured against a particular kind...
An insurance company discovered that three policy-holders out of every 1,000 insured against a particular kind of accident file a claim every year. Suppose that the company has 2,000 persons who are insured against that kind of accident. Find the probability that (a) during a given year at least four will file the claim (b) no more than 10 will file the claim (c) between five to eight (inclusive) will file the claim (d) fewer than two will file the claim (e) More than two will file the claim
Homework Answers
Probability of claim holders
Probability of non-claim holders
total number of persons insured n=2000
(A) probability that atleast four will file the claim
we have 
(B) probability that no more than 10 will file the claim
(C) probability that between 5 and 8 will file the claim
(D) probability that between fewer than 2 will file the claim
(e) probability that between more than 2 will file the claim
Add Answer to:
An insurance company discovered that three policy-holders out of
every 1,000 insured against a particular kind...
Annual claims filed by a policy holder of an insurance company have a Poisson distribution with...
Annual claims filed by a policy holder of an insurance company have a Poisson distribution with mean 0.4. The number of claims filed by two different policy holders are independent events. What is the probability that at least three out of ten policy holders each file at least one claim in a year?
An insurance company would like to offer theft insurance for renters. The policy would pay the...
An insurance company would like to offer theft insurance for renters. The policy would pay the full replacement value of any items that were stolen from the apartment. Some apartments have security alarms installed. Such systems detect a break-in and ring an alarm within the apartment. The insurance company estimates that the probability of a theft in a year is 0.05 if there is no security system and 0.01 if there is a security system (there cannot be more than...
However, instead of protecting against every possible cause of loss
Assignment: Chapter 10 - Protecting Your Property 2. The basic principles of property insurance What Are the Basic Principles of Property Insurance? There are two major types of insurance that protect your real and personal property, and that of others: property insurance and liability insurance. As several of the principles on which property and liability insurance are based differ from those underlying life and health insurance, it is important that you be aware of these differences so that you can structure your coverage and...
Clayton works at mega insurance company. He is also a classic car fanatic. Every day at...
Clayton works at mega insurance company. He is also a classic car fanatic. Every day at work, he spends at least 45 minutes using his work computer to surf classic car websites on the internet. Unbeknownst to Clayton, Mega Insurance Company tracks websites visited and counts keystrokes and mouse clisks of all employees. One Friday afternoon, the supervisor calls Clayton in the office and advises him that under company policy, personal use of the company computer during working hours is...
Assume you are asked as part of an audit of GE's insurance business to assess fraud...
Assume you are asked as part of an audit of GE's insurance
business to assess fraud risk, ehat would you include in your
report and why?
Required information [The following information applies to the questions displayed below.) On January 30, 2018, General Electric (GE) announced that it was taking an after-tax charge of $6.2 billion in the December 31, 2017 financial statements and additional cash funding of $15 billion in statutory capital contributions to its insurance subsidiary. GE acknowledged a...
Aflac Insurance Company InformatIon: Aflac is a Fortune 500 insurance company founded in 1955 by three...
Aflac Insurance Company InformatIon: Aflac is a Fortune 500 insurance company founded in 1955 by three brothers, John, Paul and Bill Amos. Today, Aflac employs more than 4,500 people and has more than 71,000 licensed independent agents throughout the United States and Japan. The following is an excerpt from the New York Stock Exchange business summary. “Aflac Incorporated is a general business holding company and acts as a management company, overseeing the operations of its subsidiaries by providing management services...
Midwest Family Mutual Insurance Company based in Plymouth, MN is very pleased to self-declare our Company...
Midwest Family Mutual Insurance Company based in Plymouth, MN is very pleased to self-declare our Company environmentally “Green”. In the past 5 years, the Company has reduced its annual electricity consumption by 155,000 KWH or 63% and natural gas consumption by 5,700 therms or 76%. Paper usage is down by 65% with the implementation of extensive electronic notification processes. Beginning in 2003, a number of electronic processes have been implemented at Midwest Family. The most effective energy dependency change is...
FISCAL POLICY IN THEORY: March, 2020: we are on the verge of Congress and the President...
FISCAL POLICY IN THEORY: March, 2020: we are on the verge of Congress and the President passing legislation that will empower the federal government to spend an unprecedented amount of EXTRA money not seen since World War 2 ---- in order to address the pandemic but also to help cushion the blow financially of perhaps ten or twenty million Americans --- or more --- losing their jobs, and thus suffering a drop in income. The scale of the 2020 recession...
We are going to assume the class is a group of policy makers at a large...
We are going to assume the class is a group of policy makers at a large insurance company – ABC HMO. Part of our pay is based on the company's financial performance for the current year. Specifically, the company looks at actual vs. projected medical expenses per member. The expected is based on last year's actual adjusted for inflation. One of our planners read the below article in the NY Times and recommends we reduce our coverage of routine breast...
Have to show work for every problem 4. A company uses three plants to produce a...
Have to show work for every problem
4. A company uses three plants to produce a new computer chip. Plant A produces 30% of the chips. Plant B produces 45% of the chips. The rest of the chips are produced by plant C. Each plant has its own defectiv rate. These are: plant A produces 3% defective chips, plant B produces 1% defective chips, plant C produces 5% defective chips. Hint: draw a tree diagram. (a) Construct a tree diagram...
Assume you are asked as part of an audit of GE's insurance
business to assess fraud risk, ehat would you include in your
report and why?
Required information [The following information applies to the questions displayed below.) On January 30, 2018, General Electric (GE) announced that it was taking an after-tax charge of $6.2 billion in the December 31, 2017 financial statements and additional cash funding of $15 billion in statutory capital contributions to its insurance subsidiary. GE acknowledged a...
Have to show work for every problem
4. A company uses three plants to produce a new computer chip. Plant A produces 30% of the chips. Plant B produces 45% of the chips. The rest of the chips are produced by plant C. Each plant has its own defectiv rate. These are: plant A produces 3% defective chips, plant B produces 1% defective chips, plant C produces 5% defective chips. Hint: draw a tree diagram. (a) Construct a tree diagram...
Most questions answered within 3 hours.
-
Assume one of your finals has 50 questions on it, and
lucky for you, it's all...
asked 49 minutes ago -
Rice Products in Bangladesh
Business behavior is derived in large part from the basic cultural
environment...
asked 2 hours ago -
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 2 hours ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 2 hours ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 2 hours ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 3 hours ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 3 hours ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 7 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 7 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 7 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 7 hours ago -
When a metal rod is heated, not only its resistance but also its
length and cross‐sectional...
asked 8 hours ago