Policyholders are divided in three groups: low-risk, medium -risk, and high-risk60% of policyholders are considered low-risk, and 25% are considered medium-riskThe probability that a medium-risk policyholder has filed a claim is .06The probability that a randomly selected policyholder is considered low-risk and has filed a claim is .04Given a policyholder is considered high-risk, the probability that the policyholder has filed a claim isequal to 4 times the probability that a randomly selected policyholder is considered high-riskCalculate the probability s policyholder is considered low-risk, given they have filed a claim

Given that policyholders are divided in three groups which are low, medium and high risk. Here, 60%…

Answered: Policyholders are divided in three…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Olive Construction Company is determining whether it should submit a bid for a new shoppingcenter. In the past, Olive's main competitor, Base Construction Company, has submitted bids70% of the time. If Base Construction Company does not bid on a job, the probability that OliveConstruction Company will get the job is 0.50. If Base Construction Company bids on a job, theprobability that Olive Construction Company will get the job is 0.25.
A method of assigning probabilities based upon judgment is referred to as the O relative method. O subjective method. O probability method. classical method.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure. I need help with (d)
A rice importer has three sources: Thailand, Vietnam, and China. Unfortunately, the annual amount of rice harvested is heavily dependent upon the amount of rainfall during the growing season. The tables below show probabilities and prices for wet, dry, and normal growing seasons. Rice is sold in tons. PROBABILITIES Wet Dry Normal Thailand 0.5 0.2 0.3 Vietnam 0.6 0.3 0.1 China 0.4 0.4 0.2 Price per Pound ($) Wet Dry Normal Thailand 0.95 1.10 1.00 Vietnam 0.85 1.20 0.98 China 0.90 1.15 1.05 Which country offers the best rice price?
Customers are used to evaluate preliminary product designs. In the past, 95% of highly successful products received good reviews, 40% of moderately successful products received good reviews, and 10% of poor products received good reviews. In addition, 40% of products have been highly successful, 35% have been moderately successful, and 20% have been poor products. What is the probability that a product attains a good review? If a new design attains a good review, what is the probability that it will be a highly successful product? O a. 0.460, 0.620 O b.0.585, 0.615 OC. NONE O d. 0.540, 0.704
An insurance company calculates car insurance premiums based on the age of the policyholder according to three age groups: Group A consists of drivers younger than 22 years old; Group B consistsof drivers 22—33 years old, and Group C consists of drivers older than 33 years.Its portfolio consists of 10% Group A policyholders, 38% Group B policyholdersand 52% Group C policyholders.The probability of a claim in any 12 month period for a policy belonging to GroupA, B or C is 13%, 3% and 2%, respectively.(i) Calculate the probability that a randomly chosen policy holder from thisportfolio will make a claim during a 12 month period. One of the company’s policyholders has just made a claim(ii) Calculate the probability that the policy holder is younger than 22 years.
Olive Construction Company is determining whether it should submit a bid for a new shoppingcenter. In the past, Olive's main competitor, Base Construction Company, has submitted bids70% of the time. If Base Construction Company does not bid on a job, the probability that OliveConstruction Company will get the job is 0.50. If Base Construction Company bids on a job, theprobability that Olive Construction Company will get the job is 0.25.
An insurance company calculates car insurance company calculates car insurance premiums based on the age of the policyholder according to three age groups: Group A consists of drivers younger than 22 years old; Group B consists of drivers 22—33 years old, and Group C consists of drivers older than 33 years.Its portfolio consists of 10% Group A policyholders, 38% Group B policyholders and 52% Group C policyholders. The probability of a claim in any 12 month period for a policy belonging to Group A, B or C is 13%, 3% and 2%, respectively. (i) Calculate the probability that a randomly chosen policy holder from this portfolio will make a claim during a 12 month period. One of the company’s policyholders has just made a claim(ii) Calculate the probability that the policy holder is younger than 22 years.

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