An auto insurance company tracks the experience of its first-year and multi-year policyholders separately. First-year policyholders account for 15% of the company's business while multi-year policyholders account for the rest.The number of claims reported to the company in a year by a first-year policyholder follows a Poisson distribution with mean 0.60, while the number of claims reported to the company in a year by a multi-year policyholder follows a Poisson distribution with mean 0.30.Calculate the probability that a policyholder is a first-year policyholder, given that the policyholder reports exactly three claims in an eight-months period to the company
An auto insurance company tracks the experience of its first-year and multi-year policyholders separately. First-year policyholders account for 15% of the company's business while multi-year policyholders account for the rest.The number of claims reported to the company in a year by a first-year policyholder follows a Poisson distribution with mean 0.60, while the number of claims reported to the company in a year by a multi-year policyholder follows a Poisson distribution with mean 0.30.Calculate the probability that a policyholder is a first-year policyholder, given that the policyholder reports exactly three claims in an eight-months period to the company
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Question
An auto insurance company tracks the experience of its first-year and multi-year policyholders
separately. First-year policyholders account for 15% of the company's business while multi-year
policyholders account for the rest.
The number of claims reported to the company in a year by a first-year policyholder follows a Poisson
distribution with
year policyholder follows a Poisson distribution with mean 0.30.
Calculate the
reports exactly three claims in an eight-months period to the company
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