An insurance company offers four different deductible levels-none, low, medium, and high-for its homeowner's policyholders and three different levels-low, medium, and high-for its automobile policyholders. The accompanying table gives proportions for the various categories of policyholders who have both types of insurance. For example, the proportion of individuals with both low homeowner's deductible and low auto deductible is 0.07 (7% of all such individuals). Homeowner's Auto N LMH L 0.04 0.07 0.05 0.04 M 0.07 0.09 0.20 0.09 0.02 0.03 0.15 0.15 Suppose an individual having both types of policies is randomly selected. (a) What is the probability that the individual has a medium auto deductible and a high homeowner's deductible? (b) What is the probability that the individual has a low auto deductible? A low homeowner's deductible? auto deductible homeowner's deductible (c) What is the probability that the individual is in the same category for both auto and homeowner's deductibles? (d) Based on your answer in part (c), what is the probability that the two categories are different? (e) What is the probability that the individual has at least one low deductible level? A O ENG 502 PM 2/3/2022 DELL FU 34 F10 &e 61 MARKNRDDGA E R T OP F G H. K 121 B Al CAr
An insurance company offers four different deductible levels-none, low, medium, and high-for its homeowner's policyholders and three different levels-low, medium, and high-for its automobile policyholders. The accompanying table gives proportions for the various categories of policyholders who have both types of insurance. For example, the proportion of individuals with both low homeowner's deductible and low auto deductible is 0.07 (7% of all such individuals). Homeowner's Auto N LMH L 0.04 0.07 0.05 0.04 M 0.07 0.09 0.20 0.09 0.02 0.03 0.15 0.15 Suppose an individual having both types of policies is randomly selected. (a) What is the probability that the individual has a medium auto deductible and a high homeowner's deductible? (b) What is the probability that the individual has a low auto deductible? A low homeowner's deductible? auto deductible homeowner's deductible (c) What is the probability that the individual is in the same category for both auto and homeowner's deductibles? (d) Based on your answer in part (c), what is the probability that the two categories are different? (e) What is the probability that the individual has at least one low deductible level? A O ENG 502 PM 2/3/2022 DELL FU 34 F10 &e 61 MARKNRDDGA E R T OP F G H. K 121 B Al CAr
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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Transcribed Image Text:An insurance company offers four different deductible levels-none, low, medium, and high-for its homeowner's policyholders and three different levels-low, medium, and
high-for its automobile policyholders. The accompanying table gives proportions for the various categories of policyholders who have both types of insurance. For example,
the proportion of individuals with both low homeowner's deductible and low auto deductible is 0.07 (7% of all such individuals).
Homeowner's
Auto
N LMH
L
0.04 0.07 0.05 0.04
M
0.07 0.09 0.20 0.09
0.02 0.03 0.15 0.15
Suppose an individual having both types of policies is randomly selected.
(a) What is the probability that the individual has a medium auto deductible and a high homeowner's deductible?
(b) What is the probability that the individual has a low auto deductible? A low homeowner's deductible?
auto deductible
homeowner's deductible
(c) What is the probability that the individual is in the same category for both auto and homeowner's deductibles?
(d) Based on your answer in part (c), what is the probability that the two categories are different?
(e) What is the probability that the individual has at least one low deductible level?
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![Suppose an individual having both types of policies is randomly selected.
(a) What is the probability that the individual has a medium auto deductible and a high homeowner's deductible?
(b) What is the probability that the individual has a low auto deductible? A low homeowner's deductible?
auto deductible
homeowner's deductible
(c) What is the probability that the individual is in the same category for both auto and homeowner's deductibles?
(d) Based on your answer in part (c), what is the probability that the two categories are different?
(e) What is the probability that the individual has at least one low deductible level?
(f) Using the answer in part (e), what is the probability that neither deductible level is low?
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Transcribed Image Text:Suppose an individual having both types of policies is randomly selected.
(a) What is the probability that the individual has a medium auto deductible and a high homeowner's deductible?
(b) What is the probability that the individual has a low auto deductible? A low homeowner's deductible?
auto deductible
homeowner's deductible
(c) What is the probability that the individual is in the same category for both auto and homeowner's deductibles?
(d) Based on your answer in part (c), what is the probability that the two categories are different?
(e) What is the probability that the individual has at least one low deductible level?
(f) Using the answer in part (e), what is the probability that neither deductible level is low?
Need Help?
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