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Ⓡ (b) (6) For a frequency distribution in the (a, b, 0) class, you are given Pk = P(K = k) Pk = 0.0768 Pk+1=P-20.08192 Pk+3=0.0786432 Determine the mean of this distribution. Aggregate claim frequency for an employee dental coverage covering 10 individuals follows a negative binomial distribution with mean 2 and variance 5. Loss size has an exponential with mean 500. The group expands to 20 individuals and a deductible of 100 is imposed. Calculate the probability of 2 or more claims from the group after these revisions. On an auto collision coverage the number of claims per year ner individual has the

Ⓡ (b) (6) For a frequency distribution in the (a, b, 0) class, you are given Pk = P(K = k) Pk = 0.0768 Pk+1=P-20.08192 Pk+3=0.0786432 Determine the mean of this distribution. Aggregate claim frequency for an employee dental coverage covering 10 individuals follows a negative binomial distribution with mean 2 and variance 5. Loss size has an exponential with mean 500. The group expands to 20 individuals and a deductible of 100 is imposed. Calculate the probability of 2 or more claims from the group after these revisions. On an auto collision coverage the number of claims per year ner individual has the

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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Question 4 (b) For a frequency distribution in the (a, b, 0) class, you are given Pk = P(K=k) P = 0.0768 Pk+1=P-20.08192 Pk+3=0.0786432 Determine the mean of this distribution. Aggregate claim frequency for an employee dental coverage covering 10 individuals follows a negative binomial distribution with mean 2 and variance 5. Loss size has an exponential with mean 500. The group expands to 20 individuals and a deductible of 100 is imposed. Calculate the probability of 2 or more claims from the group after these revisions. (c) On an auto collision coverage, the number of claims per year per individual has the following distribution: P(0) = 0.7 P(1) = 0.2 P(2) = 0.1 Loss sizes are exponential distributed with mean 1200. An ordinary deductible of 500 is applied to each loss. Loss sizes and claim counts are independent. Calculate the probability the aggregate claim payments for a year will be greater than 100 using normal approximation.
Transcribed Image Text:Question 4 (b) For a frequency distribution in the (a, b, 0) class, you are given Pk = P(K=k) P = 0.0768 Pk+1=P-20.08192 Pk+3=0.0786432 Determine the mean of this distribution. Aggregate claim frequency for an employee dental coverage covering 10 individuals follows a negative binomial distribution with mean 2 and variance 5. Loss size has an exponential with mean 500. The group expands to 20 individuals and a deductible of 100 is imposed. Calculate the probability of 2 or more claims from the group after these revisions. (c) On an auto collision coverage, the number of claims per year per individual has the following distribution: P(0) = 0.7 P(1) = 0.2 P(2) = 0.1 Loss sizes are exponential distributed with mean 1200. An ordinary deductible of 500 is applied to each loss. Loss sizes and claim counts are independent. Calculate the probability the aggregate claim payments for a year will be greater than 100 using normal approximation.
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