Using the Stark Insurance Group data on closed claims for medical malpractice liability insurance (presented in...

Using the Stark Insurance Group data on closed claims for medical malpractice liability insurance (presented in the previous tables), determine if medical malpractice was more risky during the 2010-2013 period than it was in the 2014-2017 period.

Injury year Estimated # of claims Estimated $ per claim

2010 1021 $415,326.26

2011 1087 $448,871.57

2012 1184 $477,333.66

2013 1291 $490,215.19

2014 1191 $516,696.63

2015 1098 $587,233.93

2016 1055 $536,983.82

2017 1110 $403,504.39

Calculate the standard deviation in the estimated payment per claim for medical malpractice insurance over the four-year period 2010-2013
Calculate the standard deviation in the estimated payment per claim for medical malpractice insurance over the four-year period 2014-2017.

Solutions

Expert Solution

Comparing the two standard deviations shows that the data in the 2014-2017 data set is much more spread out than the data in the 2010-2013 data set.

orchestra answered 1 year ago

Next > < Previous

Related Solutions

From the same Texas Department of Insurance data on closed claims for medical malpractice liability insurance...

From the same Texas Department of Insurance data on closed claims for medical malpractice liability insurance referred to in Problem 1, we can estimate the number of claims in each year of injury that will be closed in the next 16 years. We obtain the following data. Here the estimated dollars per claim for each year have been adjusted to 2007 dollars to account for inflation, so the values are all compatible. Texas was said to have had a “medical...

Liability policies, such as personal liability, professional malpractice, or business liability insurance, do NOT protect the...

Liability policies, such as personal liability, professional malpractice, or business liability insurance, do NOT protect the insured against a. a personal injury on the insured's property, such as the mail carrier who slips and falls on the owner's sidewalk. b. someone injured by the insured away from home or business. c. claims for property damaged by the insured. d. intentional harm caused by the insured.

Auto insurance is required in most states to make sure damages, medical and liability claims can...

Auto insurance is required in most states to make sure damages, medical and liability claims can be paid. In Alabama what are the minimum limits required for Automobile insurance? If you traveled to Alaska would your insurance from Alabama be required to cover the higher minimum limits set by that state? Why or why not?

What is the need for hospital and physician professional liability coverage (malpractice insurance) in American health...

What is the need for hospital and physician professional liability coverage (malpractice insurance) in American health care today. Why is malpractice coverage so extremely expensive today? Do you think the need for liability insurance adds to or detracts from the patient care that is provided?

In 15 sentences, indicating how Professional Liability & Medical Malpractice impact healthcare for you, us, Texas...

In 15 sentences, indicating how Professional Liability & Medical Malpractice impact healthcare for you, us, Texas , the USA , and/or the world community.

Healthcare stakeholders disagree about the impact of legal risks, medical malpractice claims, tort reform, and defensive...

Healthcare stakeholders disagree about the impact of legal risks, medical malpractice claims, tort reform, and defensive medicine on the cost of care and the cost of health insurance in the United States, as well as the importance of such impact. How do legal risks, medical malpractice claims, tort reform, and defensive medicine impact the relationship between healthcare providers and patients? How should they impact the relationship? Make three suggestions to improve existing healthcare policy based on your analysis of impacts...

Peter, a successful medical doctor using the cash basis ofaccounting, purchased a three year malpractice...

Peter, a successful medical doctor using the cash basis of accounting, purchased a three year malpractice insurance policy for $30,000 in 2018. He paid the entire premium when he purchased the policy. How much can Peter deduct for the insurance on business tax return?

How has the ACA affected group medical expense insurance?

Based on information from a large insurance company, 67% of all damage liability claims are made...

Based on information from a large insurance company, 67% of all damage liability claims are made by single people under the age of 25. A random sample of 52 claims showed that 43 were made by single people under the age of 25. Does this indicate that the insurance claims of single people under the age of 25 is higher than the national percent reported by the large insurance company? Give the test statistic and your conclusion. a) z =...

Based on information from a large insurance company, 66% of all damage liability claims are made...

Based on information from a large insurance company, 66% of all damage liability claims are made by single people under the age of 25. A random sample of 53 claims showed that 43 were made by single people under the age of 25. Does this indicate that the insurance claims of single people under the age of 25 is higher than the national percent reported by the large insurance company? Give the test statistic and your conclusion. a) z =...

Subjects