Question
In: Statistics and Probability
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 = -2.326; reject Ho at the 5% significance level
b) z = 1.826; reject Ho at the 5% significance level
c) z = 2.326; reject Ho at the 5% significance level
d) z = 2.326; fail to reject Ho at the 5% significance level
e) z = -1.826; fail to reject Ho at the 5% significance level
Solutions
orchestra answered 2 years agoRelated Solutions
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, 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 54 claims showed that 44 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? State the
null and alternate hypothesis.
a) Ho: p =...
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...
Which of the following statements is TRUE? Occurrence-based liability insurance exposes the insurer to long-tail claims....
Which of the following statements is TRUE?
Occurrence-based liability insurance exposes the insurer to
long-tail claims.
In commercial liability policies, umbrella policies provide
primary coverage, while general liability insurance provides excess
coverage.
Inland marine insurance provides coverage mainly for transport
on inland waterways.
Under the doctrine of contributory negligence, a plaintiff is
compensated after taking into account his/her responsibility in a
loss claim.
An insurance company states that 15% of all fire insurance claims are fraudulent. Suppose the company is correct, and that it receives 130 claims.
An insurance company states that 15% of all fire insurance
claims are fraudulent. Suppose the company is correct, and that it
receives 130 claims.What's the probability that at least 15 claims are
fraudulent?What's the probability that less than 10 claims are
fraudulent?
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?
An insurance company wants to audit health insurance claims in its very large database of transactions....
An insurance company wants to audit health insurance claims in
its very large database of transactions. In a quick attempt to
assess the level of overstatement of this database, the insurance
company selects at random 400 items from the database (each item
rep- resents a dollar amount). Suppose that the population mean of
the entire database is $8, with population standard deviation
$2.
(i) Find the probability that the sample mean of the 400 would
be less than $6.50.
(ii)...
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...
A large furniture company claims that 65% of all individuals who buy chairs from its stores...
A large furniture company claims that 65% of all individuals who
buy chairs from its stores choose wood chairs, 20% choose plastic
chairs, and 15% choose metal chairs. To investigate this claim,
researchers collected data from a random sample of the company's
customers. The results were 305 wood, 121 plastic, and 74 metal.
Are the data from the sample consistent with the company's claim?
Conduct an appropriate statistical test at the 5% significance
level to support your conclusion. Make sure...
A large furniture company claims that 65% of all individuals who buy chairs from its stores...
A large furniture company claims that 65% of all individuals who
buy chairs from its stores choose wood chairs, 20% choose plastic
chairs, and 15% choose metal chairs. To investigate this claim,
researchers collected data from a random sample of the company's
customers. The results were 305 wood, 121 plastic, and 74 metal.
Are the data from the sample consistent with the company's claim?
Conduct an appropriate statistical test at the 5% significance
level to support your conclusion. Make sure...
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