Question

An average of 3 life insurance policies are sold per week in an insurance agency. In...

An average of 3 life insurance policies are sold per week in an insurance agency. In a certain week with the assumption of conformity to the Poisson distribution,
a) the probability of selling more than 1 and less than 5 policies
b) Considering that a week consists of 5 working days, find the possibility of selling 1 policy on a given day.

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1


0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
When the monthly average premium for life insurance was set at $100, 14000 policies were sold....
When the monthly average premium for life insurance was set at $100, 14000 policies were sold. When the premiums were raised to $110 monthly, only 13,000 policies were maintained. a) What is the price elasticity of demand for life insurance b) TRUE or FALSE " All things being equal, based on the price elasticity from from a), insurance companies must have recorded higher profits (than losses) as a result of increased premiums" please explain answer
In a typical week, an insurance agent of XYZ Company presents life insurance plan to 18...
In a typical week, an insurance agent of XYZ Company presents life insurance plan to 18 potential customers. Historically 2 in 10 of such potential customers chose to buy life insurance plan from this agent. Find the following for the XYZ company.[Excel formulas must appear in your solution file] a) Prepare the probability distribution table in Excel for the insurance plan sign up in a week. b) What is the probability that no more than 12 customers sign up in...
Shamrock’s Agency sells an insurance policy offered by Capital Insurance Company for a commission of $114...
Shamrock’s Agency sells an insurance policy offered by Capital Insurance Company for a commission of $114 on January 2, 2020. In addition, Shamrock will receive an additional commission of $10 each year for as long as the policyholder does not cancel the policy. After selling the policy, Shamrock does not have any remaining performance obligations. Based on Shamrock’s significant experience with these types of policies, it estimates that policyholders on average renew the policy for 4.5 years, which results in...
The average number of claims to an insurance company is 3 demands per day. a. Find...
The average number of claims to an insurance company is 3 demands per day. a. Find what is the probability that in a week there will be at least 5 days, 2 or 3 or 4 demands. b. Determine the probability that in a month, at least 15 days and at most 22 days, the number of demands is between 3 and 6 demands.
Sandhill’s Agency sells an insurance policy offered by Capital Insurance Company for a commission of $104...
Sandhill’s Agency sells an insurance policy offered by Capital Insurance Company for a commission of $104 on January 2, 2020. In addition, Sandhill will receive an additional commission of $11 each year for as long as the policyholder does not cancel the policy. After selling the policy, Sandhill does not have any remaining performance obligations. Based on Sandhill’s significant experience with these types of policies, it estimates that policyholders on average renew the policy for 4.5 years, which results in...
A medical insurance plan reimburses $100 per day, up to a maximum of five days, for...
A medical insurance plan reimburses $100 per day, up to a maximum of five days, for each day the policy holder is hospitalized. It is estimated that the probability that any person is hospitalized for exactly one day is 0.001, for exactly two days is 0.002, for exactly three days is 0.003; for exactly four days is 0.004, and for five or more days 0.008. The annual premium is $10. (a) Construct the probability distribution for X, the number of...
A car dealership (which is opened 7 days a week) sells an average of 4 cars...
A car dealership (which is opened 7 days a week) sells an average of 4 cars in a day. Assume the number of cars sold each day is independent from any other day. The number of cars sold on any given day can be approximated with a Poisson distribution. Find the probability that the car dealership will sell 6 cars tomorrow. A) 28 B) 0.1107 C) 0.8958 D)4 E) 0.8893 F) 0.1042
On average the tech giants (Alphabet, Amazon, Apple, Facebook and Microsoft) acquire one company per week....
On average the tech giants (Alphabet, Amazon, Apple, Facebook and Microsoft) acquire one company per week. We are going to model these acquisitions using the Poisson distribution. Q26. What is the probability the techgiants will take over exactly 2 companies next week? between 0.0 and 0.1 between 0.1 and 0.2 between 0.2 and 0.3 between 0.3 and 0.5 between 0.5 and 1.0 Q28. What is the probability the techgiants will take over less than 3 companies during the next 4...
When the monthly average premium for life insurance was set at 100, 140000 polices were sold....
When the monthly average premium for life insurance was set at 100, 140000 polices were sold. When premiums were raised to 120 monthly only 9000 policies were maintained. 1.What is the price elasticity of demand for life insurance in Pasty? explain your answer 2.State whether the following statement below is True or False explain your answer All things equal based on the price elasticity from Insurance must have recorded higher profit ( then losses) as a result of the increased...
When the monthly average premium for life insurance was set at 100, 14000 polices were sold....
When the monthly average premium for life insurance was set at 100, 14000 polices were sold. When premiums were raised to 120 monthly only 9000 policies were maintained. 1.What is the price elasticity of demand for life insurance in Nabi? explain your answer 2.State whether the following statement below is True or False explain your answer All things equal based on the price elasticity from Insurance must have recorded higher profit ( then losses) as a result of the increased...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT