Assuming that you are the actuary, help this insurance company to make policy decisions on insurance premiums. Your suggestions should be based on the below findings. You can propose to them to gather more evidence if there are important variables omitted in the above model.Regression Statistics Multiple R0.88 R Square0.78 Adjusted R Square0.77 Standard Error2.52 Observations80.00 ANOVA dfSSMSFSignificance F Regression31704.90568.3089.500.00 Residual76482.596.35 Total792187.49 CoefficientsStandard Errort StatP-valueLower 95%Upper 95%Lower 95.0%Upper 95.0%Intercept14.445.102.830.014.2824.604.2824.60Mother's age at death0.430.058.280.000.330.540.330.54Father's age at death0.420.058.380.000.320.520.320.52No of years of employment-0.120.04-2.690.01-0.20-0.03-0.20-0.03

Correlation are used to measure the association between the two numerical variable. It shows three…

Answered: Assuming that you are the actuary, help…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Question

Assuming that you are the actuary, help this insurance company to make policy decisions on
insurance premiums. Your suggestions should be based on the below findings. You can propose to
them to gather more evidence if there are important variables omitted in the above
model.

Regression Statistics
Multiple R	0.88
R Square	0.78
Adjusted R Square	0.77
Standard Error	2.52
Observations	80.00

ANOVA
	df	SS	MS	F	Significance F
Regression	3	1704.90	568.30	89.50	0.00
Residual	76	482.59	6.35
Total	79	2187.49

	Coefficients	Standard Error	t Stat	P-value	Lower 95%	Upper 95%	Lower 95.0%	Upper 95.0%
Intercept	14.44	5.10	2.83	0.01	4.28	24.60	4.28	24.60
Mother's age at death	0.43	0.05	8.28	0.00	0.33	0.54	0.33	0.54
Father's age at death	0.42	0.05	8.38	0.00	0.32	0.52	0.32	0.52
No of years of employment	-0.12	0.04	-2.69	0.01	-0.20	-0.03	-0.20	-0.03