How does insurance work? Group of answer choices Households or firms pay a premium, which is based on how the insurance company calculated the probability of a certain event occurring to a pool of people. If that event occurs, insured members who suffered receive money from this pool of money. The insurance company collects premiums for all adults based on the probability of each person having a claim of a certain sort during a calendar year. The firm holds that money to pay claims throughout the year. Any money left over goes to the firm as profits. Customers pay premiums to the insurance company based on their honest answers to a series of questions about their health and habits. The company holds that money to pay claims throughout the year. If any customer is found to have lied on their questions, the company charges them a large penalty. Customers pay premiums with rates based on their income. The firm holds that money throughout the year and distributes funds according to need at the end of the fiscal

Q: Census data shows that 30% of residents of Squirfornal County are black. A pool of potential jurors…

A: It is given that 30% of residents of the country are black. Therefore, probability of a randomly…

Q: If a family has four children, is it more likely they will have two boys and two girls or three of…

A: * SOLUTION :-

Q: te are members, and 10% of the members participate in the survey. What is the obability that the…

A: Here Given  Probability of viewers are site members =P(M)=0.3 Probability that MEMBER is…

Q: Under what circumstances it would be helpful to identify the probability of an event

A: For identify the probability of an event the circumstances have to explain.

Q: A new drug cures 65% of the people who have a certain disease.  Suppose 40 people who have the…

A: Given: Number of people who have disease is 40, that is, n = 40. Probability that a new drug cures…

Q: A card is drawn from a pack of 52 cards. The probability of getting a diamond is.......

A:

Q: Census data shows that 30% of residents of Squirfornal County are black. A pool of potential jurors…

A: It is given that 30% of residents of the country are black. Therefore, probability of a randomly…

Q: Suppose that 35% of people have a dog, 21% of people have a cat, and 16% of people own both. someone…

A: Given that,35% of people have a dog21% of people have a cat16% of people own both

Q: Philosophers and other researchers writing about probability have argued about how to best interpret…

A: a) For the statement 1 : Probability of Heads is greater than Tails.     For the statement 2 :…

Q: In a college of 1600 students, each student takes 5 courses that meet three times per week, and…

A: Given, total students (n) = 1600, total courses (c) =5 and total classes (C) = 3 per week Total…

Q: According to Costco's records, 25% of customers who make a purchase return the item for a refund or…

A: Given n=10 P=0.25

Q: In​ basketball, "one-and-one" free throw shooting​ (commonly called foul​ shooting) is done as​…

A: Introduction: It is understood that the player scores 1 point for making each free throw. As the…

Q: 3. A recent report was issued that suggested 45% of all cell phone calls in 2022 will be scams.…

A: The provided information is  n=500 p=0.45 X~B(n=500,p=0.45)   The mean and variance is…

Q: A group consists of 10 girls and 8 boys. They are to sit sit side by side on a bench. What is the…

A: Given that there are 10 girls and 8 boys. So total (10+8)=18 girls and boys. So 18 persons can be…

Q: A movie site investigates the types of movie their customers buy, they record the cus- tomer's age…

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Q: A survey of 200 college graduates who have been working for at least three years found that 65 owned…

A: We have to use union and intersection of set to find the various probabilities.

Q: A. what is the probability that a sports fan attended exactly one of these types of games.  B. what…

A:

Q: A standard admission test was given at three locations. Two thousand students took  the test at…

A: Given :  A standard admission test was given at three locations. Two thousand students took  the…

Q: Given that a Condo is purchased, what is the probability the mortgage is Adjustable?

A: The given summarized table is, From the table,  The probability of condo is purchased is,

Q: As of January 3, 2019, the US House of Representatives had the following demographics: U.S. House of…

A: Given that,     Political Party       Republican (B) Democrat (B') Total Gender Male (A) 183…

Q: A survey of athletes at a high school is conducted, and the following facts are discovered: 58% of…

A:

Q: Tara is registering for a physics class.  The morning classes are 1st, 2nd, and 3rd periods, and the…

A: We have to use simple probability theory to answer this question. Probability of an event is the…

Q: Suppose the probability of a IRS audit is 2.1% for U.S. taxpayers who file form 1040 and who earned…

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Q: If S = { 1, 2, 3, 4, …….., 100} A = { 2, 4, 6, 8, ………. ,98, 100}            B = { 1, 3, 5, 7, 9,…

A: From the provided information, S = {1, 2, 3, 4, ……., 100} A = {2, 4, 6, 8, ….., 98, 100} B = { 1, 3,…

Q: 50 students at Holy Spirit High were interviewed to determine what sports they played, if any, and…

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Q: insurance company determines that the probability a person files a claim in the next year is 8%. If…

A: Given data,probability a person files a claim in the next year is 8%p=8%=0.08If n=10what is the…

Q: A moving company as a truck filled for deliveries to three different sites. If the order of the…

A: The main agenda is to find the probability that it is the shortest route?

Q: A golf ball is selected at random from a golf bag. If the golf bag contains 8 green balls, 9 orange…

A:

Q: In Our daily life use of probability? give some example?

A: Example 1: In the news, we hear the probability of raining today / sunny today/ cloudy today.  This…

Q: In this exercise, you examine further the concepts of independent events and mutually exclusive…

A: a)Mutually exclusive eventsTwo events A and B are said to be mutually exclusive if there is no…

Q: If the probability of a person winning on a scratch-off lottery ticket is 0.016, the odds of winning…

A: Given: P(winning a scratch -off lottery ticket) = 0.016

Q: Census data shows that 30% of residents of Squirfornal County are black. A pool of potential jurors…

A: The provided information is,The formula used for binomial is,

Q: A card is drawn from a deck of cards, what is the probability that the card is either an ace or…

A: Given that  Total number of cards=52 Number of ace cards=4 Number of king cards=4

Q: A survey of 200 college graduates who have been working for at least three years found that 85 owned…

A:

Q: A restaurant randomly chooses what to include on its pizza of the day. The meat choices are…

A: The theory of probability has its origin in the seventeenth century.The king of France who…

Q: If 8 different customers A, B, C, D, E, F, G, and H arrive for service at random order, what is the…

A: Here Given total Number of customer=8

Q: Of all the students who take the CPA examination, one-fourth have a Master’s degree and the…

A: It is given that one-fourth have a Master’s degree and the remainder have Bachelor’s degrees. Half…