Let U be the event that a randomly chosen employee of an insurance company has been...

Let U be the event that a randomly chosen employee of an insurance company has been an underwriter. Let C be the event that a randomly chosen employee of an insurance company has been a claims adjuster. Identify the answer which expresses the following with correct notation: Of all the employees of an insurance company who have been underwriters, the probability that a randomly chosen employee of an insurance company has been a claims adjuster. Select the correct answer below:

P(C) AND P(U)

P(C|U)

P(U|C)

P(U AND C)

Expert Solution

Solution:

U : Underwriter

C : Claims Adjuster

"Of all the employees of an insurance company who have been underwriters, the probability that a randomly chosen employee of an insurance company has been a claims adjuster"

i.e. Find P(Claims Adjuster given that underwriters)

i.e. P(C | U)

orchestra answered 2 years ago

An individual who has automobile insurance from a certain company is randomly selected. Let Y be...

An individual who has automobile insurance from a certain company is randomly selected. Let Y be the number of moving violations for which the individual was cited during the last 3 years. The pmf of Y is given. y 0 1 2 3 p(y) 0.50 0.30 0.15 0.05 (a) What is the probability that among 15 randomly chosen such individuals, at least 10 have no citations? (Round your answer to three decimal places.) (b) What is the probability that among...

Consider randomly selecting a student at a large university, and let "A" be the event that...

Consider randomly selecting a student at a large university, and let "A" be the event that the selected student has a Visa card and "B" be the analogous event for MasterCard. Suppose that P(A)=0.6 and P(B)=0.4. a) Could it be the case that P(A and B)=0.5? Why or why not?

Consider randomly selecting a student at a large university, and let A be the event that...

Consider randomly selecting a student at a large university, and let A be the event that the selected student has a Visa card and B be the analogous event for MasterCard. Suppose thatP(A) = 0.7and P(B) = 0.3. (a)Could it be the case thatP(A ∩ B) = 0.5? Why or why not? (b) From now on, suppose thatP(A ∩ B) = 0.2. What is the probability that the selected student has at least one of these two types of cards?...

Consider randomly selecting a student at a large university. Let A be the event that the...

Consider randomly selecting a student at a large university. Let A be the event that the selected student has a Visa card, let B be the analogous event for MasterCard, and let C be the event that the selected student has an American Express card. Suppose that P(A) = 0.6,P(B) = 0.4,and P(A ∩ B) = 0.3,suppose that P(C) = 0.2,P(A ∩ C) = 0.12,P(B ∩ C) = 0.1, and P(A ∩ B ∩ C) = 0.08. a)What is the...

A company acquires a(n) ____ to reimburse the company in the event of an employee fraud....

A company acquires a(n) ____ to reimburse the company in the event of an employee fraud. (2pts) indemnity contract fraud option contract defalcation policy fidelity bond None of the above 32) Pick and pack is a step in the (2pts) order-to-cash process pay-to-play process general ledger process purchase-to-pay process All of the above None of the above 33) Assuring that cash collections recorded in the cash receipts event data are credited to the right customer in the accounts receivable master...

7. Let X be the random variable denoting the height of a randomly chosen adult individual....

7. Let X be the random variable denoting the height of a randomly chosen adult individual. If the individual is male, then X has a normal distribution with mean of µ1 = 70 inches with standard deviation of σ1 = 3.5 inches; while if the individual is female, then X has a normal distribution with mean µ0 = 66 inches and standard deviation of σ0 = 3 inches. [Note: For computing probabilities and quantiles for the normal distribution, use the...

An insurance company provides theft insurance for a set ofdiamond jewellery. In the event of...

An insurance company provides theft insurance for a set of diamond jewellery. In the event of theft, the policy pays $ 10 million. Theft for this kind of jewellery happens only very rarely, with a chance of 0.01%. How much (in terms of insurance premium) would the insurance company charge its client, in order to break even on average?

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.

An insurance company has been reviewing the performance of the different types of insurance policies it...

An insurance company has been reviewing the performance of the different types of insurance policies it sells. Looking at policies sold in 2018, the insurance company found that out of 850 car insurance policies sold, 322 had claims against them; and for the 924 home polices .sold, 260 had claims against them. i. Calculate a 95% confidence interval for the proportion of claims made against car insurance policies. ii. Calculate a 95% confidence interval for the proportion of claims made...

The number of successful claims on life insurance policies for an insurance company has been determined...

The number of successful claims on life insurance policies for an insurance company has been determined to follow a Poisson process with an average rate of 5 claims per week. If the amount of money paid on each policy is uniformly distributed between $2,000 and $10,000, what is the mean of the total amount of money that the company pays out in a four-week period?

Question