User Account

All Pages

Charge per policy-holder to break even

Assignment Help Basic Statistics
Reference no: EM131098252

Based on an insurance company's past data, each year an average of 1/90 policy holders make a claim of $250, 1/100 policy holders make a claim of $12,000, and 1/650 make a claim of $29,000

What would the insurance company have to charge per policy-holder to break even? (i.e., what the premium would have to be in order to have an expected profit of zero.) Round to the nearest dollar.

A vehicle insurance policy sells for $450 annually. What is the expected profit or loss for the company per policy-holder over the course of the year? Round to the nearest dollar.

If the company sold 650 policies what would the overall expected profit or loss be?Round to the nearest dollar and do not use commas

Reference no: EM131098252

Questions Cloud

Professor bacas suggestions for teachers working : how does Professor Baca suggest teachers connect students' cultures to the curriculum - Describe three of Professor Baca's suggestions for teachers working with families.
Identify the different types of knowledge needed : Exploring Innovation in Action - Evolving Knowledge Needs of a New Venture. Identify the different types of knowledge needed throughout the growth of the new venture.
Mean amount of coffee to bedispensed : A vending machine dispenses coffee into a twelve-ounce cup. The amount of coffee dispensed into the cup is normally distributed with a standard deviation of 0.06 ounce. You can allow the cup to overfill 10% of the time. What amount should you set a..
Ideas for healthcare delivery pertaining to nursing field : What are the impacts of the Affordable Care Act on Emergency Room visits -  ideas for healthcare delivery pertaining to the nursing field.
Charge per policy-holder to break even : What would the insurance company have to charge per policy-holder to break even? (i.e., what the premium would have to be in order to have an expected profit of zero.) Round to the nearest dollar.
What does the vertical asymptote mean within the context : What does the vertical asymptote at x = 100 mean within the context of the problem? What percentage of the Ippizuti fish can you remove for ?40000?
Write a paper analyzing the influence on young people : Write a paper analyzing the influence on young people under the age of 18 of sex and violence portrayed in movies, television, and video games.
Probability that the ball drawn : A bag contains 4 red and 3 black balls. A second bag contains 2 red and 4 black balls. One bag is selected at random. If from the selected bag one ball is drawn, then the probability that the ball drawn is red is
Provide general information on the issues : This section should provide general information on the issues surrounding the business problem and the proposed project or initiative created to address it.  Usually, this section is completed last after all other sections of the business case ha..

Reviews

Write a Review

Basic Statistics Questions & Answers

  Statistics-probability assignment

MATH1550H: Assignment:  Question:  A word is selected at random from the following poem of Persian poet and mathematician Omar Khayyam (1048-1131), translated by English poet Edward Fitzgerald (1808-1883). Find the expected value of the length of th..

  What is the least number

MATH1550H: Assignment:  Question:     what is the least number of applicants that should be interviewed so as to have at least 50% chance of finding one such secretary?

  Determine the value of k

MATH1550H: Assignment:  Question:     Experience shows that X, the number of customers entering a post office during any period of time t, is a random variable the probability mass function of which is of the form

  What is the probability

MATH1550H: Assignment:Questions: (Genetics) What is the probability that at most two of the offspring are aa?

  Binomial distributions

MATH1550H: Assignment:  Questions:  Let’s assume the department of Mathematics of Trent University has 11 faculty members. For i = 0; 1; 2; 3; find pi, the probability that i of them were born on Canada Day using the binomial distributions.

  Caselet on mcdonald’s vs. burger king - waiting time

Caselet on McDonald’s vs. Burger King - Waiting time

  Generate descriptive statistics

Generate descriptive statistics. Create a stem-and-leaf plot of the data and box plot of the data.

  Sampling variability and standard error

Problems on Sampling Variability and Standard Error and Confidence Intervals

  Estimate the population mean

Estimate the population mean

  Conduct a marketing experiment

Conduct a marketing experiment in which students are to taste one of two different brands of soft drink

  Find out the probability

Find out the probability

  Linear programming models

LINEAR PROGRAMMING MODELS

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd