A short-term insurance company receives three motor vehicle claims on average per day. Assume that the daily claims follow a Poisson process. What is the probability that more than two motor vehicle claims are received over any given period of three working days?
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.
A short-term insurance company receives three motor vehicle claims on average per day. Assume that the daily claims follow a Poisson process.
What is the probability that more than two motor vehicle claims are received over any given period of three working days?
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