An insurance agent has 20 high-risk policyholders. There is a 2.5% chance that one of these...
An insurance agent has 20 high-risk policyholders. There is a 2.5% chance that one of these policyholders will file a major claim next year. What is the probability that exactly two such policyholders file a claim if the agent knows that at least two such policyholders will file a claim?
Homework Answers
Add Answer to:
An insurance agent has 20 high-risk policyholders. There is a
2.5% chance that one of these...
#6. A car insurance company has high-risk, medium-risk, and low-risk clients, who have, respectively, probabilities.04,.02, and.01...
#6. A car insurance company has high-risk, medium-risk, and low-risk clients, who have, respectively, probabilities.04,.02, and.01 of filing claims within a given year. The proportions of the numbers of clients in the three categories are .15, .25, and.60, respectively (a) What is the probability that a random client doesn't file a claim? (b) What proportion of the claims filed each year come from high-risk clients? (c) What is the probability that a random client who didn't file a claim is...
An insurance company offers four different deductible levels-none, low, medium, and high-for its homeowner's policyholders and...
An insurance company offers four different deductible levels-none, low, medium, and high-for its homeowner's policyholders and three different levels-low, medium, and high -for its automobile policyholders. The accompanying table gives proportions for the various categories of policyholders who have both types of insurance. For example, the proportion of individuals with both low homeowner's deductible and low auto deductible is 0.07 (7% of all such individuals). Auto 0.05 0.20 0.15 Suppose an individual having both types of policies is randomly selected....
The circled answer is wrong, please show a good work to arrive at a correct answer...
The circled answer is wrong, please show a good work to arrive at a
correct answer please.
(5) Policyholders of an insurance company are classified as either high-risk or low-risk, 29% of policyholders (from both groups collectively) did not file a claim. 20% of high-risk policy holders did not file a claim, and 50% of low-risk policyholders did not file a claim. Given that a policyholder did file a claim, what was the probability that he was classified as high-risk?...
An investment of $10,000 in a high risk venture has a 50-50 chance over the next...
An investment of $10,000 in a high risk venture has a 50-50 chance over the next year of increasing to $14,000 or decreasing to $8000. Thus the net return can be either $4000 or -$2,000. Two investors A and B have exhibited the following indifference probabilities: Indifference Probabilities Net return ($) Investor A Investor B -2000 0.00 0.00 -1000 .70 .10 0 .80 .20 1000 .85 .30 2000 .90 .50 3000 .95 .60 4000 1.00 1.00 Graph the utility functions...
2. Safety Insurance Company has compiled the following statistics. Twenty percent of policyholders are males under...
2. Safety Insurance Company has compiled the following statistics. Twenty percent of policyholders are males under 25 years of age. Forty percent of policyholders are males 25 and over. Ten percent of policyholders are females under 25 years of age. Thirty percent of policyholders are females 25 and over. For any one year period, twenty-two percent of males under 25 years of age report an accident. Fifteen percent of males 25 and older report an accident. Sixteen percent of females...
5. A salesperson has a 20% chance of making a sale to any customer called upon....
5. A salesperson has a 20% chance of making a sale to any customer called upon. Ifs calls were made what is the probability that: a) exactly 3 sales were made? b) at most one sale was made c) at least two sales were made? d) what is the mean and standard deviation of the number of sales?
5- A salesperson has a 20% chance of making a sale to any customer called upon....
5- A salesperson has a 20% chance of making a sale to any customer called upon. 1 calls were made what is the probability that: a) exactly 3 sales were made? b) at most one sale was made? c) at least two sales were made? d) what is the m ean and standard deviation of the number of sales?
Multiple choice. Choose one of the bullets. 1. The mean time between claims for high-risk policyholders...
Multiple choice. Choose one of the bullets.
1. The mean time between claims for high-risk policyholders is supposedly 2.6. A researcher believes this mean time is incorrect and conducts a hypothesis test. He observed one high-risk policyholder, which resulted in a time of 4.5. Assume these times are normally distributed with variance 2. What is the result of the test? and show the computation process. • Reject H, at the 0.015 significance level • Reject H, at the 0.025 significance...
Make a code in R 3. A small insurance company insures a modest number of people...
Make a code in R
3. A small insurance company insures a modest number of people and the number X who will file 3. Find the following a claim in any given year follows a Poisson distribution with mean probabilities: (a) Exactly one person files a clain. (b) At least one person files a claim. (c) More than 4 people file a claim. (d) More than 2 and less than 10 will file a claim. (e) Suppose instead we know...
Out of 15 for 3% of the overall grade Assignment #3 Name: 1) Sunshine Insurance offers...
Out of 15 for 3% of the overall grade Assignment #3 Name: 1) Sunshine Insurance offers life insurance to men age 80. Mortality tables indicate the likelihood of a 80-year-old man surviving another year is.94. If the policy is offered to six men age 80 a. What is the probability all eight men survive the year? b. What is the probability that at least one survives? 2) A basketball player scores 70% of his shots on average. What is the...
#6. A car insurance company has high-risk, medium-risk, and low-risk clients, who have, respectively, probabilities.04,.02, and.01 of filing claims within a given year. The proportions of the numbers of clients in the three categories are .15, .25, and.60, respectively (a) What is the probability that a random client doesn't file a claim? (b) What proportion of the claims filed each year come from high-risk clients? (c) What is the probability that a random client who didn't file a claim is...
An insurance company offers four different deductible levels-none, low, medium, and high-for its homeowner's policyholders and three different levels-low, medium, and high -for its automobile policyholders. The accompanying table gives proportions for the various categories of policyholders who have both types of insurance. For example, the proportion of individuals with both low homeowner's deductible and low auto deductible is 0.07 (7% of all such individuals). Auto 0.05 0.20 0.15 Suppose an individual having both types of policies is randomly selected....
The circled answer is wrong, please show a good work to arrive at a
correct answer please.
(5) Policyholders of an insurance company are classified as either high-risk or low-risk, 29% of policyholders (from both groups collectively) did not file a claim. 20% of high-risk policy holders did not file a claim, and 50% of low-risk policyholders did not file a claim. Given that a policyholder did file a claim, what was the probability that he was classified as high-risk?...
5. A salesperson has a 20% chance of making a sale to any customer called upon. Ifs calls were made what is the probability that: a) exactly 3 sales were made? b) at most one sale was made c) at least two sales were made? d) what is the mean and standard deviation of the number of sales?
5- A salesperson has a 20% chance of making a sale to any customer called upon. 1 calls were made what is the probability that: a) exactly 3 sales were made? b) at most one sale was made? c) at least two sales were made? d) what is the m ean and standard deviation of the number of sales?
Multiple choice. Choose one of the bullets.
1. The mean time between claims for high-risk policyholders is supposedly 2.6. A researcher believes this mean time is incorrect and conducts a hypothesis test. He observed one high-risk policyholder, which resulted in a time of 4.5. Assume these times are normally distributed with variance 2. What is the result of the test? and show the computation process. • Reject H, at the 0.015 significance level • Reject H, at the 0.025 significance...
Make a code in R
3. A small insurance company insures a modest number of people and the number X who will file 3. Find the following a claim in any given year follows a Poisson distribution with mean probabilities: (a) Exactly one person files a clain. (b) At least one person files a claim. (c) More than 4 people file a claim. (d) More than 2 and less than 10 will file a claim. (e) Suppose instead we know...
Out of 15 for 3% of the overall grade Assignment #3 Name: 1) Sunshine Insurance offers life insurance to men age 80. Mortality tables indicate the likelihood of a 80-year-old man surviving another year is.94. If the policy is offered to six men age 80 a. What is the probability all eight men survive the year? b. What is the probability that at least one survives? 2) A basketball player scores 70% of his shots on average. What is the...
Most questions answered within 3 hours.
-
What does a 2-sided p value of 0.04 mean? (I am not asking if it
is...
asked 3 minutes ago -
A parallel-plate capacitor is made from two aluminum-foil
sheets, each 7.8 cmcm wide and 5.1 mmlong....
asked 5 minutes ago -
1. why is toluene a stronger nucleophile than benzene?
2.why is phenol a stronger nucleophile than...
asked 22 minutes ago -
4. How can you solve for the density of the liquid from the
slope? Please show...
asked 22 minutes ago -
when 2053 j of heat is added to 46.3 g of hexane C6H14 the
temperature increases...
asked 45 minutes ago -
I need new and unique answers, please. (Use your own words,
don't copy and paste), Please...
asked 48 minutes ago -
MCL 445.111 et seq. deals with Home Solicitation Sales.
MCL stands for Michigan Compiled Laws which...
asked 39 minutes ago -
Which of the following items may not create an NOL?
a.
sole proprietorship loss
b.
personal...
asked 44 minutes ago -
A hypothetical solution forms between a solid and a liquid. The
values of the thermodynamic quantities...
asked 42 minutes ago -
a)An ideal heat pump is being considered for use in heating an
environment with a temperature...
asked 45 minutes ago -
.
Convert the following pairs of voltage and current waveforms to
phasor form. Each pair of...
asked 47 minutes ago -
A 6.5 cm diameter ball has a terminal speed of 22 m/s. What is
the ball's...
asked 1 hour ago