Question

In: Statistics and Probability

The average claims to an insurance company is 3 claims per day. a. Find what is...

The average claims to an insurance company is 3 claims per day.
a. Find what is the probability that in a week there will be at least 5 days, 2 or 3 or 4
demands.
b. Determine the probability that in a month, at least 15 days and at most 22 days, the number of
demands this between 3 and 6 demands.

Solutions

Expert Solution


Related Solutions

For an auto insurance company, the average cost of collision claims is $500 per year for...
For an auto insurance company, the average cost of collision claims is $500 per year for careful drivers and $3000 per year for poor drivers. The drivers are risk neutral and know whether they are careful or poor, but the insurance company only knows that 15% of drivers are poor. What is the insurance company's breakeven price for the collision insurance? A. $425 per year B. $450 per year C. $875 per year D. $2,625 per year
Imagine that an insurance company claims 7 policies on average per month. Calculate the probability that...
Imagine that an insurance company claims 7 policies on average per month. Calculate the probability that no policy will be claimed in a week
QUESTION 1 For an auto insurance company, the average cost of collision claims is $500 per...
QUESTION 1 For an auto insurance company, the average cost of collision claims is $500 per year for careful drivers and $3000 per year for poor drivers. The drivers are risk neutral and know whether they are careful or poor, but the insurance company only knows that 15% of drivers are poor. What is the insurance company's breakeven price for the collision insurance? A. $425 per year B. $450 per year C. $875 per year D. $2,625 per year 2...
Claims arrive to an insurance company according to a Poisson Process. The average number of claims...
Claims arrive to an insurance company according to a Poisson Process. The average number of claims reported every day is 2.5. It has been reported that 15% of these claims are fake. What is the probability that in a week of five business day 10 claims arrive and one of these is fake? ONLY ANSWERRRRR
A recent study claims that business travelers spend an average of $39 per day on meals....
A recent study claims that business travelers spend an average of $39 per day on meals. A sample of 15 business travelers found that they had spent an average of $42 per day with a standard deviation of $3.78. If alpha =0.05, what is the claim, should we reject H0 or fail to reject H0, what is the test value, what is the alternate hypothesis?
A park claims that the average number of visitors per day is about 85. We monitor...
A park claims that the average number of visitors per day is about 85. We monitor the park on 6 random days and find the following number of visitors on these days: 46, 79, 73, 90, 80, 55 Can we conclude at ? = 0.05 that the mean number of visitors per day in general is different from 85?
The insurance company expects that all claims will double. Whatwill this do the average and...
The insurance company expects that all claims will double. What will this do the average and variance of claims paid?A.The mean will be unchanged, the variance will doubleB.The mean will double, the variance will be unchangedC.The mean will increase four times, the variance will doubleD.The mean will double, the variance will increase four times
An insurance company has determined that each week an average of 9 claims are filed in...
An insurance company has determined that each week an average of 9 claims are filed in its Atlanta branch. What is the probability that during the next week at least 18 claims will be filed? How to solve this problem without Excel? Thanks
A telephone company claims the average number of phone calls made every day in a household...
A telephone company claims the average number of phone calls made every day in a household is more than three. A random sample of 169 days is survey in a mean of two and a standard deviation of .2 are found, test the claim at a 5% level of significance. Assume the district distribution is normal.
3) the number of insurance claims per year by a randomly selected employee follow a Poission...
3) the number of insurance claims per year by a randomly selected employee follow a Poission distribution with mean .5. let us observe four such employees. assuming independence, compute the probability that their total number of insurance claims in a year is less than 2.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT