Math Solutions

[Steps Shown] An insurance company expects 10% of its policyholders to collect claims of $400 this year and the remaining 90% to collect no claims. The variable

Question: An insurance company expects 10% of its policyholders to collect claims of $400 this year and the remaining 90% to collect no claims. The variable is the amount they will pay in claims per person.

Use this information to fill in the following table.

Possible Outcome in Words	Numerical Outcome: Amount Pay in Claims per Person	Probability
No claim paid	0	0.1
Claim is paid	400	0.9
Total		1.0

What is the expected value for the amount they will pay in claims per person? Set up the calculation.

Price: $2.99

Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document

∴ Other downloads you may be interested in ∴

[See] Consider the ages of CEOs of companies throughout the United

(See Steps) Suppose studies have shown that approximately 20%

[See Steps] Consider a situation where a die is rolled. Which

(See Solution) Consider the following three events based on a class

(Solution Library) Suppose a test for a certain disease is given to

Odds to Probability Calculator - MathCracker.com

[Steps Shown] An insurance company expects 10% of its policyholders to collect claims of $400 this year and the remaining 90% to collect no claims. The variable

reset password

sign up