claimsage336750109438766341725432837482844483692515943130494930414930784918974452725515874228044812544011703923124645175359631483854278448534301167391862442811487683410843836745178334917366533248615433585014204125694733275020524523184610973884035834355413017374341115217454333195036835152855528184818574459231370951202845453853532255140441119239647323335503304505333054330842351884445298551000376023177734118639935366493245065365032785347103322904653630415052189344922366563270433540302285461081387123345605311643970533188044937364475531009378503593036848351557421175391576421572425223551024371430418443523064618664440735214344110863848845419024412814070733446453781344160529393627784830634917134320144525214759931663321410417703452485510193720474517214322634620574514244137625110213711813992636254547156842494254309249408252495454203345257547140741310749371851100437110238655321275407143353830117839489654109138226946605313070494850541583425335552581471107381189394121525348551705431251401014374453531266402274464495537743471933414052661329193615614285235143741110438659321263405463010123741015230344910023760331155342523555253347125740201945717335983125514712784037445145495333505025274717294372133836355453037275149085440635230994932885037535192836493054283148255747170943329650776341590421741431875442038451269402009451417418323559131229646279148 QuestionThe Central Bank in a certain country is responsible for regulating life insurance companiesand deciding how much capital they need to hold on their balance sheets for insurance risksin respect of life insurance policies they sell. Insurance companies receive a fixed premiumat the beginning of a new insurance contract but face an uncertain amount of insuranceclaims over a year. Because of these fixed premiums but uncertain claims, insurancecompanies need to hold capital to meet future insurance claims. The risk managementapproach taken by the Central Bank is based on three principles:I.II.III.to set capital requirements based on the age of the insured personthe capital required would then be a certain amount per $1 million of life assurancebenefit sold for people of that agethat the capital to be held by the insurance company should be enough to payannual insurance claims in 199 out of every 200 years.The Central Bank collects data from six different insurance companies on the amount of lifeassurance claims they have paid per $1 million of life assurance sold to policyholders ofdifferent ages (between 30 and 55) in the last year.(b) Jownload the data fileStudio and assign the claim and age columns to y and x respectively.load it into R

In this question, we will be importing the dataset from excel to R and then assign the values of…

Question The Central Bank in a certain country is responsible for regulating life insurance companies and deciding how much capital they need to hold on their balance sheets for insurance risks in respect of life insurance policies they sell. Insurance companies receive a fixed premium at the beginning of a new insurance contract but face an uncertain amount of insurance claims over a year. Because of these fixed premiums but uncertain claims, insurance companies need to hold capital to meet future insurance claims. The risk management approach taken by the Central Bank is based on three principles: to set capital requirements based on the age of the insured person the capital required would then be a certain amount per $1 million of life assurance benefit sold for people of that age III. that the capital to be held by the insurance company should be enough to pay annual insurance claims in 199 out of every 200 years. I. II. The Central Bank collects data from six different insurance companies on the amount of life assurance claims they have paid per $1 million of life assurance sold to policyholders of different ages (between 30 and 55) in the last year. (b) Jownload the data file Studio and assign the claim and age columns to y and x respectively. load it into R

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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