1) In New York State, savings banks are permitted to sell a form of life insurance called savings bank life insurance (SBLI). The approval process consists of underwriting, which includes a review of the application, a medical information bureau check, possible requests for additional medical information and medical exams, and a policy compilation stage, during which the policy pages are generated and sent to the bank for delivery. The ability to deliver approved policies to customers in a timely manner is critical to the profitability of this service to the bank. During a period of one month, a random sample of 27 approved policies was elected, and the following were the total processing times: 73 19 16 64 28 28 31 90 60 56 31 56 22 18 45 48 17 17 17 91 92 63 50 51 69 16 17 a. Compute the mean, median and standard deviation (grouped and ungrouped). b. Compute the range. c. Construct a graph. Are the data skewed? If so, how? d. What would you tell a customer who enters the bank to purchase this type of insurance policy and asks how long the approval process takes?
1) In New York State, savings banks are permitted to sell a form of life insurance called savings bank life insurance (SBLI). The approval process consists of underwriting, which includes a review of the application, a medical information bureau check, possible requests for additional medical information and medical exams, and a policy compilation stage, during which the policy pages are generated and sent to the bank for delivery. The ability to deliver approved policies to customers in a timely manner is critical to the profitability of this service to the bank. During a period of one month, a random sample of 27 approved policies was elected, and the following were the total processing times:
73 19 16 64 28 28 31 90 60 56 31 56 22 18 45 48 17 17 17 91 92 63 50 51 69 16 17
a. Compute the mean, median and standard deviation (grouped and ungrouped).
b. Compute the
c. Construct a graph. Are the data skewed? If so, how?
d. What would you tell a customer who enters the bank to purchase this type of insurance policy and asks how long the approval process takes?
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