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3. An insurance policy covers losses X and Y which have joint density function (a) Find the expec...
An insurance policy covers losses X and Y which have joint density function 24y f(x,y) , y>0. (a)...
An insurance policy covers losses X and Y which have joint density function 24y f(x,y) , y>0. (a) Find the expected value of X (b) Find the probability of a payout if the policy pays X + 2Y subject to a deductible of 1 on X and 1 on 2Y. (c) Find the probability of a payout if the policy pays X +2Y subject to a deductible of 2 on the total payment X + 2Y
An insurance policy covers...
An insurance policy covers losses X and Y which have joint density function 24y f(x,y) ,...
An insurance policy covers losses X and Y which have joint density function 24y f(x,y) , y>0. (a) Find the expected value of X (b) Find the probability of a payout if the policy pays X + 2Y subject to a deductible of 1 on X and 1 on 2Y. (c) Find the probability of a payout if the policy pays X +2Y subject to a deductible of 2 on the total payment X + 2Y
Let X and Y be random losses with joint density function and 0 otherwise. An insurance...
Let X and Y be random losses with joint density function and 0 otherwise. An insurance policy is written to reimburse X +Y. Calculate the probability that the reimbursement is less than 1.
2. (2.5 Points) An insurance company sells an autoinsurance policy that covers losses incurred by a...
2. (2.5 Points) An insurance company sells an autoinsurance policy that covers losses incurred by a policyholder, subject to a deductible of $100. Losses (in $) incurred have cumulative distribution function (cdf) F(t) where F(t) 0, if t <0; and F(t) 1 - exp(-t/300), if t>O (a) What is the 95th percentile of losses incurred? (b) What is the 95th percentile of the actual losses that exceed the deductible?
3. (4 points) A manufacturer's annual losses follow a distribution with density function: 2.5(0.6)2.5 f(x)235x 0 elsewhere To cover its losses, the manufacturer purchases an insurance policy...
3. (4 points) A manufacturer's annual losses follow a distribution with density function: 2.5(0.6)2.5 f(x)235x 0 elsewhere To cover its losses, the manufacturer purchases an insurance policy with an annual deductible of 3. Let Y be the insu payment. a) What is the difference between the median and the 99th percentile of Y? What is the mean of the manufacturer's annual losses not paid by the insurance policy?
3. (4 points) A manufacturer's annual losses follow a distribution with density...
If X and Y have a joint probability density function specified by 2-(+2y) find P(X <Y).
If X and Y have a joint probability density function specified by 2-(+2y) find P(X <Y).
(1 point) Let x and y have joint density function p(2, y) = {(+ 2y) for...
(1 point) Let x and y have joint density function p(2, y) = {(+ 2y) for 0 < x < 1,0<y<1, otherwise. Find the probability that (a) < > 1/4 probability = (b) x < +y probability =
An insurance policy has a deductible of 10. Losses follow a probability distribution with density fx...
An insurance policy has a deductible of 10. Losses follow a probability distribution with density fx (x) = xe* for 3 > 0 and fx (xv) = 0 otherwise. Find the expected payment Possible Answers [A]e-10 [B]2e-10 (0/106-10 (E 100e-10
An insurance policy pays for a random loss X subject to a deductible of 550. The...
An insurance policy pays for a random loss X subject to a deductible of 550. The loss amount is modeled as a continuous random variable with density function 4500 for x > 500 f(x) = { otherwise Determine the expected payment made under this insurance policy.
2. Let X and Y be continuous random variables with joint probability density function fx,y(x,y) 0, otherwise (a) Compute the value of k that will make f(x, y) a legitimate joint probability density f...
2. Let X and Y be continuous random variables with joint probability density function fx,y(x,y) 0, otherwise (a) Compute the value of k that will make f(x, y) a legitimate joint probability density function. Use f(x.y) with that value of k as the joint probability density function of X, Y in parts (b),(c).(d),(e (b) Find the probability density functions of X and Y. (c) Find the expected values of X, Y and XY (d) Compute the covariance Cov(X,Y) of X...
An insurance policy covers losses X and Y which have joint density function 24y f(x,y) , y>0. (a) Find the expected value of X (b) Find the probability of a payout if the policy pays X + 2Y subject to a deductible of 1 on X and 1 on 2Y. (c) Find the probability of a payout if the policy pays X +2Y subject to a deductible of 2 on the total payment X + 2Y
An insurance policy covers...
An insurance policy covers losses X and Y which have joint density function 24y f(x,y) , y>0. (a) Find the expected value of X (b) Find the probability of a payout if the policy pays X + 2Y subject to a deductible of 1 on X and 1 on 2Y. (c) Find the probability of a payout if the policy pays X +2Y subject to a deductible of 2 on the total payment X + 2Y
Let X and Y be random losses with joint density function and 0 otherwise. An insurance policy is written to reimburse X +Y. Calculate the probability that the reimbursement is less than 1.
2. (2.5 Points) An insurance company sells an autoinsurance policy that covers losses incurred by a policyholder, subject to a deductible of $100. Losses (in $) incurred have cumulative distribution function (cdf) F(t) where F(t) 0, if t <0; and F(t) 1 - exp(-t/300), if t>O (a) What is the 95th percentile of losses incurred? (b) What is the 95th percentile of the actual losses that exceed the deductible?
3. (4 points) A manufacturer's annual losses follow a distribution with density function: 2.5(0.6)2.5 f(x)235x 0 elsewhere To cover its losses, the manufacturer purchases an insurance policy with an annual deductible of 3. Let Y be the insu payment. a) What is the difference between the median and the 99th percentile of Y? What is the mean of the manufacturer's annual losses not paid by the insurance policy?
3. (4 points) A manufacturer's annual losses follow a distribution with density...
If X and Y have a joint probability density function specified by 2-(+2y) find P(X <Y).
(1 point) Let x and y have joint density function p(2, y) = {(+ 2y) for 0 < x < 1,0<y<1, otherwise. Find the probability that (a) < > 1/4 probability = (b) x < +y probability =
An insurance policy has a deductible of 10. Losses follow a probability distribution with density fx (x) = xe* for 3 > 0 and fx (xv) = 0 otherwise. Find the expected payment Possible Answers [A]e-10 [B]2e-10 (0/106-10 (E 100e-10
An insurance policy pays for a random loss X subject to a deductible of 550. The loss amount is modeled as a continuous random variable with density function 4500 for x > 500 f(x) = { otherwise Determine the expected payment made under this insurance policy.
2. Let X and Y be continuous random variables with joint probability density function fx,y(x,y) 0, otherwise (a) Compute the value of k that will make f(x, y) a legitimate joint probability density function. Use f(x.y) with that value of k as the joint probability density function of X, Y in parts (b),(c).(d),(e (b) Find the probability density functions of X and Y. (c) Find the expected values of X, Y and XY (d) Compute the covariance Cov(X,Y) of X...
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