P(exactly 8 claim in 2 weeks)=P(0 claim in first and 8 claim in 2nd week)+P(1 claim in first and 7 claim in 2nd week)+P(2 claim in first and 6 claim in 2nd week)+P(3 claim in first and 5 claim in 2nd week)+P(4 claim in first and 4 claim in 2nd week)+P(5 claim in first and 3 claim in 2nd week)+P(6 claim in first and 2 claim in 2nd week)+P(7 claim in first and 1 claim in 2nd week)+P(8 claim in first and 8 claim in 2nd week)
=9*(1/5)2*(4/5)8=0.060398
Suppose that the number of claims received by an insurance company in a given week culated that t...
4. The number of claims per week at an Suppose that Y has probability mass function insurance company is a random variable Y Pr(v),0,1,2. py(y) 0, otherwise. The moment generating function (mgf) of Y is given by my(t)-c(1-e2)- for values of t<2. You do not need to prove this. (a) Show that c1-2 (b) What is the probability that there are at least 2 claims in a given week? (c) Find E(Y)
Problem 43.22t A flood insurance company determines that N, the number of claims received in a month, is a rando! n variable with P(N = n) アFT, for n 0, 1, 2, .. The numbers of claims received in different months are mutually indepen- dent. Calculate the probability that more than three claims will be received during a consecutive two-month period, given that fewer than two claims were received in the first of the two months. 3n+1
An insurance company models the number of claims filed by a policyholder under a vision care insurance policy as a Poisson random variable with mean 5. The insurance collects information from a sample of 200 vision care insurance policyholders. Find the probability that the average number of claims per policyholder is between 4.97 and 5.19.
Vinton Auto Insurance is trying to decide how much money to keep in liquid assets to cover insurance claims. In the past, the company held some of the premiums it received in interest-bearing checking accounts and put the rest into investments that are not quite as liquid but tend to generate a higher investment return. The company wants to study cash flows to determine how much money it should keep in liquid assets to pay claims. After reviewing historical data,...
An insurance company processes 800 claims per year. The average processing time for a claim is 5 weeks. 45 percent of all claims received are car insurance claims, 40 percent of all claims received are motorcycle insurance claims, 10 percent are boat insurance claims, and the remaining are house insurance claims. Hint: These are throughput values. On average there are, 20 car, 9 motorcycles, 12 boats, and some house claims in process. Hint: These are inventory values. Assume 50 weeks...
one with u = 5. An insurance company issues 1250 vision policies. The number of claims filed by a policyholder under a vision policy during year is a random Variable 2 and 6=52. Assume humber of claims filed by different policy holders are mutually independent, Calculate the approximate probability that there is a total of between 2450 and 2600 claims during a one year periode 6. the profit for a new product is given by..Z - 3X-Y-5 Jf Xand Y...
4. Suppose that N is a random variable having a conditional Poisson distribution with ability mass function prob- 1 (log 3) PN(i) i 1,2,3,... 2 i (a) Show that the mean of N is 3 log 3 1.6479, 2 and the variance of N is 3(log 3)2 3 log 3 0.7427. 2 4 (b) Calculate the probability P(N -4I 20). (c) Use the Bienaymé-Chebyshev inequality to give a lower bound for the probability that N takes values within 2 standard...
An insurance company has determined that each week an average of 9 claims are filed. Assume that the claims are Poisson distributed. Find the probability that exactly 3 claims will be filed .0000 .0150 .1273 .0050 none of the above
A life insurance company has determined that each week an average of seven claims is filed in its Nashville branch. a. What is the probability that during the next week exactly seven claims will be filed? b. What is the probability that during the next week no claims will be filed? c. What is the probability that during the next week fewer than four claims will be filed? d. What is the probability that during the next week at least...
Consider a large insurance company with two types of policies: policy A and policy B. Suppose that the number of claims the company sees in a given day has a Poisson distribution with a parameter of lamda. Suppose further that a randomly selected claim is from a type A policy with probability p. Find the probability that the company will receive exactly k claims from A policies tomorrow.