Question

State Farm Insurance studies show that in Colorado, 45% of the auto insurance claims submitted for property damage were submitted by males under 25 years of age. Suppose 12 property damage claims involving automobiles are selected at random.

(b) What is the probability that four or more claims are made by
males under age 25? (Use 3 decimal places.)

(c) What is the expected number of claims made by males under age
25? What is the standard deviation of the *r*-probability
distribution? (Use 2 decimal places.)

Answer #1

State Farm Insurance studies show that in Colorado, 50% of the
auto insurance claims submitted for property damage were submitted
by males under 25 years of age. Suppose 12 property damage claims
involving automobiles are selected at random.
(a) Let r be the number of claims made by males under
age 25. Make a histogram for the r-distribution
probabilities.
(b) What is the probability that six or more claims are made by
males under age 25? (Use 3 decimal places.)...

State Farm Insurance studies show that in Colorado, 65% of the
auto insurance claims submitted for property damage were submitted
by males under 25 years of age. Suppose 12 property damage claims
involving automobiles are selected at random
. (a) Let r be the number of claims made by males under age 25.
Make a histogram for the r-distribution probabilities. Maple
Generated Plot Maple Generated Plot Maple Generated Plot Maple
Generated Plot
(b) What is the probability that seven or...

11. (6 pts) The Mountain States Office of State Farm Insurance
Company reports that approximately 85% of all automobile damage
liability claims were made by people under 25 years of age. A
random sample of eight automobile insurance claims is under
study.
a) Find and interpret the expected number of claims that are
made by people under 25 years of age.
b) Find the standard deviation for the number of claims that are
made by people under 25 years...

Any state Auto Insurance Company took a random sample of
364 insurance claims paid out during a 1-year
period. The average claim paid was $1500. Assume σ
= $240.
Find a 0.90 confidence interval for the mean
claim payment. (Round your answers to two decimal places.)
lower limit
$
upper limit
$
Find a 0.99 confidence interval for the mean claim payment. (Round
your answers to two decimal places.)
lower limit
$
upper limit
$

You are the Claims Manager for a large auto insurance firm. You
know the following facts:
25% of your policy-holders are younger (age 16-34). Within this
group, 55% are men and
45% are women. Only some of these policy holders make an
accident claim. The men have a
10% probability of making a claim, while the women have a 5%
probability of making a claim.
50% of your policy-holders are middle-aged (ages 35-59). Of
these, 50% are men and 50%...

You are the Claims Manager for a large auto insurance firm. You
know the following facts:
25% of your policy-holders are younger (age 16-34). Within this
group, 55% are men and
45% are women. Only some of these policy holders make an
accident claim. The men have a
10% probability of making a claim, while the women have a 5%
probability of making a claim.
50% of your policy-holders are middle-aged (ages 35-59). Of
these, 50% are men and 50%...

You are the Claims Manager for a large auto insurance firm. You
know the following facts: • 25% of your policy-holders are younger
(age 16-34). Within this group, 55% are men and 45% are women. Only
some of these policy holders make an accident claim. The men have a
10% probability of making a claim, while the women have a 5%
probability of making a claim. • 50% of your policy-holders are
middle-aged (ages 35-59). Of these, 50% are men...

You are the Claims Manager for a large auto insurance firm. You
know the following facts: • 25% of your policy-holders are younger
(age 16-34). Within this group, 55% are men and 45% are women. Only
some of these policy holders make an accident claim. The men have a
10% probability of making a claim, while the women have a 5%
probability of making a claim. • 50% of your policy-holders are
middle-aged (ages 35-59). Of these, 50% are men...

You are the Claims Manager for a large auto insurance
firm. You know the following facts:
• 25% of your policy-holders are younger (age 16-34).
Within this group, 55% are men and 45% are women. Only some of
these policy holders make an accident claim. The men have a 10%
probability of making a claim, while the women have a 5%
probability of making a claim.
• 50% of your policy-holders are middle-aged (ages
35-59). Of these, 50% are men...

Question 1: You are the Claims Manager for a large auto
insurance firm. You know the following facts: • 25% of your
policy-holders are younger (age 16-34). Within this group, 55% are
men and 45% are women. Only some of these policy holders make an
accident claim. The men have a 10% probability of making a claim,
while the women have a 5% probability of making a claim. • 50% of
your policy-holders are middle-aged (ages 35-59). Of these, 50%...

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