Question

According to the records of a health insurance company 60% of its policyholders submit a claim...

According to the records of a health insurance company 60% of its policyholders submit a claim during a one-year period. Answer the following questions.

question1 )  Find the probability that exactly 18 out of 30 randomly selected policyholders will submit a claim during a one-year period. (Round your answer to 4 places after the decimal point).

a) none

b) 0.5689

c) 0.1474

d) 0.0129

Question 2. Find the probability that at most 12 out of 30 randomly selected policyholders will submit a claim during a one-year period. (Round your answer to 4 places after the decimal point).

0.0212

None of the provided answers

0.0129

0.5785

Question 3. How many policyholders are expected by this company to submit a claim during a one-year period?

a) 12

b) none

c) 18

d) 9

Question 4. What is the standard deviation of the number of policyholders which will submit a claim during a one-year period? (Round you answer to 2 places after the decimal point).

a) 7.20 policyholer

b) 5.34

c) none

d) 2.68 policy holder

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Show work/reason for answer if possible Q4. An insurance company offers its policyholders a number of...
Show work/reason for answer if possible Q4. An insurance company offers its policyholders a number of different premium payment options. For a randomly selected policyholder, let X = the number of months between successive payments. The CDF of X is given as follows: F[x]= 0      x<2 0,2    2<=x<4 0,4    4<=x<=6 1        x>=6 Also let Y = Min [2X+1, 6] Which one of the following is not true? Hint: Find the PMF of X first, then PMF of Y....
According to Masterfoods, the company that manufactures M&M’s, 12% of peanut M&M’s are brown, 15% are...
According to Masterfoods, the company that manufactures M&M’s, 12% of peanut M&M’s are brown, 15% are yellow, 12% are red, 23% are blue, 23% are orange and 15% are green. (Round all answers to 3 places after the decimal point, if necessary.) (a) Compute the probability that a randomly selected peanut M&M is not brown. P(not brown) = (b) Compute the probability that a randomly selected peanut M&M is blue or red. P(blue or red) = (c) Compute the probability...
A). Anystate Auto Insurance Company took a random sample of 358 insurance claims paid out during...
A). Anystate Auto Insurance Company took a random sample of 358 insurance claims paid out during a 1-year period. The average claim paid was $1555. Assume σ = $246. 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     $ B). Find z such that...
A newly issued bond pays its coupons once a year. Its coupon rate is 4%, its...
A newly issued bond pays its coupons once a year. Its coupon rate is 4%, its maturity is 10 years, and its yield to maturity is 7%. a. Find the holding-period return for a one-year investment period if the bond is selling at a yield to maturity of 6% by the end of the year. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Holding-period return             % b. If you sell the bond after one year when...
Question 1 (1 point) Suppose that a sample of size 60 is drawn from a population...
Question 1 (1 point) Suppose that a sample of size 60 is drawn from a population with mean 88 and standard deviation 61 . Find the value of , the mean of the distribution of sample means. Wrtie only a number as your answer. Your Answer: Question 2 (1 point) Suppose that a sample of size 68 is drawn from a population with mean 64 and standard deviation 46 . Find the value of , the standard deviation of the...
question 1 A CBS News poll conducted June 10 and 11, 2006, among a nationwide random...
question 1 A CBS News poll conducted June 10 and 11, 2006, among a nationwide random sample of 651 adults, asked those adults about their party affiliation (Democrat, Republican or none) and their opinion of how the US economy was changing ("getting better," "getting worse" or "about the same"). The results are shown in the table below. better same worse Republican 38 104 44 Democrat 12 87 137 none 21 90 118 Express your answers as a decimal and round...
The Beautiful Body Cosmetics Company claims that its new wart cream dissolves 54% of all warts...
The Beautiful Body Cosmetics Company claims that its new wart cream dissolves 54% of all warts with one application. A scientist from a competing company is given the job of disproving this claim. She purchases a few jars of the product and does her own tests. This scientist tries the cream on several randomly selected people (and randomly selected warts!) and finds that after applying the cream to 300 warts, 158 of unattractive warts disappeared with one application. Perform a...
Question 1 (1 point) Suppose the national average dollar amount for an automobile insurance claim is...
Question 1 (1 point) Suppose the national average dollar amount for an automobile insurance claim is $746.9. You work for an agency in Michigan and you are interested in whether or not the state average is different from the national average. Treating the national mean as the historical value, What are the appropriate hypotheses for this test? Question 1 options: 1) HO: μ ≤ 746.9 HA: μ > 746.9 2) HO: μ > 746.9 HA: μ ≤ 746.9 3) HO:...
A company audit showed that of all bills that were sent out, 75% of them were...
A company audit showed that of all bills that were sent out, 75% of them were paid on time, 18% were paid up to 30 days late, 5% were paid between 31 and 90 days late, and 2% remained unpaid after 90 days. One bill is selected at random. NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to this part. A. What is the probability that the bill was paid on...
A pharmaceutical company claims that its new drug reduces systolic blood pressure. The systolic blood pressure...
A pharmaceutical company claims that its new drug reduces systolic blood pressure. The systolic blood pressure (in millimeters of mercury) for nine patients before taking the new drug and 22 hours after taking the drug are shown in the table below. Using this data, find the 90%90% confidence interval for the true difference in blood pressure for each patient after taking the new drug. Assume that the blood pressures are normally distributed for the population of patients both before and...