Elementary Statistics
12th Edition
ISBN: 9780321836960
Author: Mario F. Triola
Publisher: PEARSON
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Chapter 8.3, Problem 3BSC
To determine
To represent: The P-value using ordinary notation.
To explain: What P-value suggest about the claim.
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Questions
An insurance company's cumulative incurred claims for the last 5 accident years are given
in the following table:
Development Year
Accident Year 0
2018
1 2 3 4
245 267 274 289 292
2019
255 276 288 294
2020
265 283 292
2021
263 278
2022
271
It can be assumed that claims are fully run off after 4 years. The premiums received for
each year are:
Accident Year Premium
2018
306
2019
312
2020
318
2021
326
2022
330
You do not need to make any allowance for inflation.
1. (a) Calculate the reserve at the end of 2022 using the basic chain ladder method.
(b) Calculate the reserve at the end of 2022 using the Bornhuetter-Ferguson method.
2. Comment on the differences in the reserves produced by the methods in Part 1.
Questions
An insurance company's cumulative incurred claims for the last 5 accident years are given
in the following table:
Development Year
Accident Year 0
2018
1 2 3 4
245 267 274 289 292
2019
255 276 288 294
2020
265 283 292
2021
263 278
2022
271
It can be assumed that claims are fully run off after 4 years. The premiums received for
each year are:
Accident Year Premium
2018
306
2019
312
2020
318
2021
326
2022
330
You do not need to make any allowance for inflation.
1. (a) Calculate the reserve at the end of 2022 using the basic chain ladder method.
(b) Calculate the reserve at the end of 2022 using the Bornhuetter-Ferguson method.
2. Comment on the differences in the reserves produced by the methods in Part 1.
From a sample of 26 graduate students, the mean number of months of work experience prior to entering an MBA program was 34.67. The national standard deviation is known to be18 months. What is a 90% confidence interval for the population mean?
Question content area bottom
Part 1
A
9090%
confidence interval for the population mean is
left bracket nothing comma nothing right bracketenter your response here,enter your response here.
(Use ascending order. Round to two decimal places as needed.)
Chapter 8 Solutions
Elementary Statistics
Ch. 8.2 - MMs and Aspirin A package label includes a claim...Ch. 8.2 - Estimates and Hypothesis Tests Data Set 20 in...Ch. 8.2 - Mean Body Temperature A formal hypothesis test is...Ch. 8.2 - Interpreting P-value The Ericsson method is one of...Ch. 8.2 - Stating Conclusions About Claims. In Exercises...Ch. 8.2 - Stating Conclusions About Claims. In Exercises...Ch. 8.2 - Stating Conclusions About Claims. In Exercises...Ch. 8.2 - Stating Conclusions About Claims. In Exercises...Ch. 8.2 - Forming Conclusions. In Exercises 9-12, refer to...Ch. 8.2 - Forming Conclusions. In Exercises 9-12, refer to...
Ch. 8.2 - Prob. 11BSCCh. 8.2 - Forming Conclusions. In Exercises 9-12, refer to...Ch. 8.2 - Prob. 13BSCCh. 8.2 - Finding Test Statistics. In Exercises 13-16 find A...Ch. 8.2 - Prob. 15BSCCh. 8.2 - Finding Test Statistics. In Exercises 13-16 find A...Ch. 8.2 - Prob. 17BSCCh. 8.2 - Finding P-Values and Critical Values. In Exercises...Ch. 8.2 - Prob. 19BSCCh. 8.2 - Finding P-Values and Critical Values. In Exercises...Ch. 8.2 - Prob. 21BSCCh. 8.2 - Finding P-Values and Critical Values. In Exercises...Ch. 8.2 - Finding P-Values and Critical Values. In Exercises...Ch. 8.2 - Prob. 24BSCCh. 8.2 - Prob. 25BSCCh. 8.2 - Stating Conclusions. In Exercises 25-28, assume a...Ch. 8.2 - Prob. 27BSCCh. 8.2 - Stating Conclusions. In Exercises 25-28, assume a...Ch. 8.2 - Prob. 29BSCCh. 8.2 - Terminology. In Exercises 29 and 30, use the given...Ch. 8.2 - Prob. 31BSCCh. 8.2 - Type I and Type II Errors. In Exercises 31-34,...Ch. 8.2 - Type I and Type II Errors. In Exercises 31-34,...Ch. 8.2 - Prob. 34BSCCh. 8.2 - Interpreting Power Chantix tablets are used as an...Ch. 8.2 - Calculating Power Consider a hypothesis test of...Ch. 8.2 - Finding Sample Size to Achieve Power Researchers...Ch. 8.3 - Prob. 1BSCCh. 8.3 - Prob. 2BSCCh. 8.3 - Prob. 3BSCCh. 8.3 - Prob. 4BSCCh. 8.3 - Using Technology. In Exercises 5-8, identify the...Ch. 8.3 - Prob. 6BSCCh. 8.3 - Prob. 7BSCCh. 8.3 - Prob. 8BSCCh. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Prob. 10BSCCh. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Prob. 13BSCCh. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Prob. 29BSCCh. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Testing Claims About Proportions. In Exercises...Ch. 8.3 - Prob. 33BSCCh. 8.3 - Large Data Sets. In Exercises 33 and 34, use the...Ch. 8.3 - Prob. 35BBCh. 8.3 - Using Confidence Intervals to Test Hypotheses When...Ch. 8.3 - Prob. 37BBCh. 8.4 - Video Games: Checking Requirements Twelve...Ch. 8.4 - df If we are using the sample data from Exercise 1...Ch. 8.4 - Prob. 3BSCCh. 8.4 - Prob. 4BSCCh. 8.4 - Prob. 5BSCCh. 8.4 - Prob. 6BSCCh. 8.4 - Finding P-values. In Exercises 5-8, either use...Ch. 8.4 - Finding P-values. In Exercises 5-8, either use...Ch. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Prob. 10BSCCh. 8.4 - Prob. 11BSCCh. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Prob. 14BSCCh. 8.4 - Testing Hypotheses. In Exercises 13-24, assume...Ch. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Prob. 17BSCCh. 8.4 - Prob. 18BSCCh. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Testing Hypotheses. In Exercises 13-24, assume...Ch. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Testing Hypotheses. In Exercises 9-24, assume that...Ch. 8.4 - Large Data Sets from Appendix B. In Exercise...Ch. 8.4 - Large Data Sets from Appendix B. In Exercise...Ch. 8.4 - Prob. 27BSCCh. 8.4 - Prob. 28BSCCh. 8.4 - Prob. 29BBCh. 8.4 - Prob. 30BBCh. 8.4 - Hypothesis Tests with Known . In Exercises 29-32,...Ch. 8.4 - Hypothesis Tests with Known . In Exercises 29-32,...Ch. 8.4 - Prob. 33BBCh. 8.4 - Prob. 34BBCh. 8.4 - Interpreting Power For Example 1 in this section,...Ch. 8.5 - Requirements If we want to use the sample data...Ch. 8.5 - Confidence Interval Method of Hypothesis Testing...Ch. 8.5 - Hypothesis Test For the sample data from Exercise...Ch. 8.5 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.5 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.5 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.5 - Prob. 8BSCCh. 8.5 - Prob. 9BSCCh. 8.5 - Prob. 10BSCCh. 8.5 - Prob. 11BSCCh. 8.5 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.5 - Prob. 13BSCCh. 8.5 - Prob. 14BSCCh. 8.5 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.5 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.5 - Prob. 17BSCCh. 8.5 - Prob. 18BSCCh. 8.5 - Prob. 19BBCh. 8.5 - Prob. 20BBCh. 8 - Wristwatch Accuracy Students of the author...Ch. 8 - Wristwatch Accuracy Students of the author...Ch. 8 - Prob. 3CQQCh. 8 - Normality For the hypothesis test in Exercise 1,...Ch. 8 - Prob. 5CQQCh. 8 - P-Value Kind the P-value in a test of the claim...Ch. 8 - Prob. 7CQQCh. 8 - Prob. 8CQQCh. 8 - Conclusions True or false: In hypothesis testing,...Ch. 8 - Prob. 10CQQCh. 8 - Prob. 1RECh. 8 - Leisure Time In a Gallup poll, 1010 adults were...Ch. 8 - Prob. 3RECh. 8 - Prob. 4RECh. 8 - Prob. 5RECh. 8 - Monitoring Lead in Air Listed below are measured...Ch. 8 - Prob. 7RECh. 8 - Prob. 8RECh. 8 - Prob. 9RECh. 8 - Prob. 10RECh. 8 - Dictionary Words A simple random sample of pages...Ch. 8 - Prob. 2CRECh. 8 - Prob. 3CRECh. 8 - Hypothesis Test for Dictionary Words Refer to the...Ch. 8 - Prob. 5CRECh. 8 - Prob. 6CRECh. 8 - Prob. 7CRECh. 8 - Prob. 8CRECh. 8 - Prob. 9CRECh. 8 - Prob. 10CRE
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