Question

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 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.) μ σ

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, 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...

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...

Does the kid factor make a difference? If you are talking
photography, the answer may be yes! Ages of children in household,
years Under 2 None under 21 Percent of U.S. households that buy
film 70% 35% Let us say you are a market research person who
interviews a random sample of 9 households. (a) Suppose you
interview 9 households with children under the age of 2 years. Let
r represent the number of such households that buy film. Make...

Consumer Banker Association released a report showing the
lengths of automobile leases for new automobiles. The results are
as follows. Lease Length in Months Percent of Leases 13-24 25-36
37-48 49-60 More than 60 11.8% 36.4% 25.3% 26.1% 0.4% (a) Use the
midpoint of each class, and call the midpoint of the last class
66.5 months, for purposes of computing the expected lease term.
Also find the standard deviation of the distribution. (Round your
answers to two decimal places.) expected...

State Farm Insurance has developed the following table to
describe the distribution of automobile collision claims paid
during the past year.
Payment($)
Probability
0
0.83
500
0.06
1,000
0.05
2,000
0.02
5,000
0.02
8,000
0.01
10,000
0.01
(a)
Set up a table of intervals of random numbers that can be used
with the Excel VLOOKUP function to generate values for automobile
collision claim payments. Round your answers to two decimal places.
If your answer is zero enter “0”.
Probability
From...

1. 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?
Give the test statistic and your conclusion.
a) z...

Recall that Benford's Law claims that numbers chosen from very
large data files tend to have "1" as the first nonzero digit
disproportionately often. In fact, research has shown that if you
randomly draw a number from a very large data file, the probability
of getting a number with "1" as the leading digit is about 0.301.
Now suppose you are the auditor for a very large corporation. The
revenue file contains millions of numbers in a large computer data...

Recall that Benford's Law claims that numbers chosen from very
large data files tend to have "1" as the first nonzero digit
disproportionately often. In fact, research has shown that if you
randomly draw a number from a very large data file, the probability
of getting a number with "1" as the leading digit is about 0.301.
Now suppose you are an auditor for a very large corporation. The
revenue report involves millions of numbers in a large computer
file....

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INNOVATION
Deep Change: How Operational Innovation Can Transform Your
Company
by
Michael Hammer
From the April 2004 Issue
Save
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8.95
In 1991, Progressive Insurance, an automobile insurer based in
Mayfield Village, Ohio, had approximately $1.3 billion in sales. By
2002, that figure had grown to $9.5 billion. What fashionable
strategies did Progressive employ to achieve sevenfold growth in
just over a decade? Was it positioned in a high-growth industry?
Hardly. Auto insurance is a mature, 100-year-old industry...

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