[Step-by-Step] Insurance company classifies people into one of three classes: good, average, and bad risks. Probabilities that good, average and bad risk
Question: Insurance company classifies people into one of three classes: good, average, and bad risks. Probabilities that good, average and bad risk persons will be involved in an accident over 1-year are 0.05, 0.15 and 0.30.
If 20% of the population are good risk, 50% are average risk and 30% are bad risk, what is the probability that a randomly chosen driver has an accident in a fixed year? What that it’s a bad driver?
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