Question
In: Statistics and Probability
At a recent conference, an executive from an insurance company claimed that more accidents with fatalities...
At a recent conference, an executive from an insurance company claimed that more accidents with fatalities involve drunk driving than not. To test this claim, you take a random sample of 120 accidents with fatalities and find that 75 of them involved drunk driving. Is this enough evidence to support the executive’s claim?
Solutions
orchestra answered 2 years agoRelated Solutions
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An executive member of an ice cream company claimed that its
product contained more than 500 calories per pint. To test this
claim, 121 containers were randomly chosen and analyzed. The sample
result showed that the mean was 506 calories with standard
deviation of 33 calories. (a) At α= 5%, using the classical
approach to test the claim. (2)Using P-value approach to conclude
it.
The claims department at Wise Insurance Company believes that younger drivers have more accidents and, therefore,...
The claims department at Wise Insurance Company believes that
younger drivers have more accidents and, therefore, should be
charged higher insurance rates. Investigating a sample of 1,200
Wise policyholders revealed the following breakdown on whether a
claim had been filed in the last 3 years and the age of the
policyholder. Is it reasonable to conclude that there is a
relationship between the age of the policyholder and whether or not
the person filed a claim? Use the .05 significance...
An insurance company offers two policies that cover the cost of repairs from driving accidents. A...
An insurance company offers two policies that cover the cost of
repairs from driving accidents. A policy costing $600 annually has
an $800 deductible (meaning the driver is responsible for paying
the first $800 in damages before the insurance kicks in), whereas
a policy that costs $2 comma 500 annually has a $350 deductible.
Assume that accidents that get reported to the insurance company
require more than $800 to repair the car. If the number of
accidents are modeled as...
The research department of an insurance company conducted a survey of the cause of automobile accidents...
The research department of an insurance company conducted a
survey of the cause of automobile accidents in the last calendar
year. A random sample of 200 policies written on single persons
revealed that 60 had been in at least one accident. A similar
survey of 300 policies written on married persons revealed that 75
had been in at least one accident. At the .05 level of
significance, is there a significant difference in the proportion
of the population of single...
The research department of an insurance company conducted a survey of the cause of automobile accidents...
The research department of an insurance company conducted a
survey of the cause of automobile accidents in the last calendar
year. A random sample of 200 policies written on single persons
revealed that 60 had been in at least one accident. A similar
survey of 300 policies written on married persons revealed that 75
had been in at least one accident. At the .05 level of
significance, is there a significant difference in the proportion
of the population of single...
Make a business executive summary for Allianz insurance company The executive summary is the most important...
Make a business executive summary for Allianz insurance
company The executive summary is the most important section of the
business plan as it clearly explains the business model in succinct
terms and captures the attention of the reader who is normally an
investor, banker, etc.
The executive summary should be no more than two pages
and you can include a fact sheet as a third page if
needed.
It is claimed by a prominent insurance company that exactly 13% of drivers do not have...
It is claimed by a prominent insurance company that exactly 13%
of drivers do not have insurance. The insurance company collects a
sample of 600 drivers and finds that 120 of them do not have
insurance. Test the claim using a level of significance equal to
0.01.
State the claim: LaTeX: H_0H 0: p ________13% claim
LaTeX: H_1H 1:pLaTeX: \ne≠13%
Determine the direction of the tails: Left, Right, or Two:
Find the critical value: +/-
Compute Test Point (round to...
Accidents records by an auto insurance company suggest that the probability that an insured driver has...
Accidents records by an auto insurance company suggest that the
probability that an insured driver has an accident is
0.05
If an accident occurs, the damage to the vehicle amounts to an
average of
$6240.
What premium should the insurance company charge, in order to
have an expected profit of
$1000?
On average the insurer should charge
$....
(Round to 2 decimal points.)
Accidents records by an auto insurance company suggest that theprobability that an insured driver has...
Accidents records by an auto insurance company suggest that the
probability that an insured driver has an accident is 0.15.If an
accident occurs, the damage to the vehicle amounts to an average of
5380.What premium should the insurance company charge, in order to
have an expected profit of 2500?a)On average the insurer should charge _? (round to 2 decimal
points.?
A large car insurance company is conducting a study of accidents for male and female drivers.
A large car insurance company is conducting a study of accidents
for male and female drivers. They want to know if on average male
drivers (who tend to be thought of as more aggressive drivers) have
more accidents than female drivers. Data on the number of accidents
in the past 5 years is collected for randomly selected drivers who
are insured by this company. An analysis of the results produced
the following summary statistics.Group Statistics NMeanStd DeviationStd Error MeanMale322.191.710.3026Female311.231.380.2482Using α=0.01, do...
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