Question
In: Statistics and Probability
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.
Solutions
orchestra answered 2 years agoRelated Solutions
Below is a table detailing the age of nine randomly selected houses and the insurance claims...
Below is a table detailing the age of
nine randomly selected houses and the insurance claims made on each
home during the past five years.
Age of houses (years)
Insurance claims (1,000 of dollars)
72
10
35
6
45
8
39
5
22
3
100
21
57
8
74
15
37
9
Construct a scatterplot for this data set in the region to the
right (with age of houses as the independent variable, and
five-year insurance claim as the dependent...
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.
An insurance company randomly chooses 24 insurance claims from a box containing 200 insurance claims without...
An insurance company randomly chooses 24 insurance claims from a
box containing 200 insurance claims without replacement. There are
two distinct categories of insurance claims in the box (25 false
claims and 175 others). What type of probability distribution can
be used to figure out the chance of the insurance company choosing
at least 6 false claims from the box?
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
The mean number of sick days an employee takes per year is believed to be about...
The mean number of sick days an employee takes per year is
believed to be about 10. Members of a personnel department do not
believe this figure. They randomly survey 8 employees. The number
of sick days they took for the past year are as follows: 11; 6; 13;
3; 11; 9; 8; 10. Let X = the number of sick days they took
for the past year. Should the personnel team believe that the mean
number is about 10?...
The mean number of sick days an employee takes per year is believed to be about...
The mean number of sick days an employee takes per year is
believed to be about 10. Members of a personnel department do not
believe this figure. They randomly survey 8 employees. The number
of sick days they took for the past year are as follows: 11; 6; 13;
5; 9; 9; 6; 8. Let X = the number of sick days they took
for the past year. Should the personnel team believe that the mean
number is about 10?...
The mean number of sick days an employee takes per year is believed to be about...
The mean number of sick days an employee takes per year
is believed to be about 10. Members of a personnel department do
not believe this figure. They randomly survey 8 employees. The
number of sick days they took for the past year are as follows: 11;
6; 14; 3; 11; 8; 7; 8. Let X = the number of sick days
they took for the past year. Should the personnel team believe that
the mean number is about 10?...
The mean number of sick days an employee takes per year is believed to be about...
The mean number of sick days an employee takes per year is
believed to be about 10. Members of a personnel department do not
believe this figure. They randomly survey 8 employees. The number
of sick days they took for the past year are as follows: 11; 6; 13;
3; 11; 9; 8; 10. Let X = the number of sick days they took
for the past year. Should the personnel team believe that the mean
number is about 10?...
The mean number of sick days an employee takes per year is believed to be about...
The mean number of sick days an employee takes per year is
believed to be about 10. Members of a personnel department do not
believe this figure. They randomly survey 8 employees. The number
of sick days they took for the past year are as follows: 11; 5; 15;
3; 10; 10; 8; 9. Let X = the number of sick days they took
for the past year. Should the personnel team believe that the mean
number is about 10?...
The mean number of sick days an employee takes per year is believed to be about...
The mean number of sick days an employee takes per year is
believed to be about ten. Members of a personnel department do not
believe this figure. They randomly survey eight employees. The
number of sick days they took for the past year are as follows: 12;
4; 15; 3; 11; 8; 6; 8. Test the claim of the personnel team, that
the mean number of sick days per year is less than ten. Ho : μ = Ha
:...
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