A loss X is partially insured. The insurance policy has an ordinary deductible 1 of 100. The insurance pays - of loss in excess of 100 up to a loss (not payment) 2 amount of 1000. For a loss X above 1000, the insurance pays X – 550 . You are given the following limited expected values related to the loss variable X. E[X]= 2000 E[X ^900]= 725 E[X A550] = 480 E[X ^ 450] = 400 E[X ^100]=98 E[X ^1000]= 790 Find the expected amount paid by the insurance when a loss occurs.

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Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.