Over the past 5 years, an insurance company has had a mix of 40% whole life policies 20% universal life policies, 25% annual renewable-term (ART) policies, and 15% other types of policies. A change in this mix over the long haul could require a change in the commission structure, reserves, and possibly investments. A sample of 1,000 policies issued over the last few months gave the results shown here. Use these data to assess whether there has been a shift from the historical percentages. Give the p-value for your test. Which policies (if any) seem to be more popular?
Category | Observed Cell Number, n1 |
Whole life | 320 |
Universal life | 280 |
ART | 240 |
Other | 160 |
Total | 1,000 |
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