Statistics Assignment | Professional Writing Services
Insurance agents know that the premium or cost of an insurance policy is based on the likelihood of a claim being filed. In the case of life insurance, the insurance company is making a bet that the client will survive. The client is betting that they will not, in which case a cash value will be forwarded to his or her beneficiary. The fairness of the amount of the premium and the value of the policy are all based on mathematical statistics gathered from large samples of individuals in what is called mortality table. One of the earliest mortality tables was compiled by Edmund Halley, for whom the Comet is named, in 1693. The data in mortality tables are used to make predictions about the life spans of people who are still alive.
According to mortality table the life expectancy for the general population is 76, otherwise µ = 76.
- What are your feelings about how the life expectancy locally (Bay Area) compares with the national average. Explain.
- How do you think the above claim could be substantiated?
3.Collect and list your data, making sure that the gender is identified in your sample: (Obviously more data you collect, your result will be better. Make sure your data is not redundant. You should have at least 40 data values.)
11. If time allows see if any trends, differences could be drawn between the male and female population
- Attachment 1
- Attachment 2
4. For your data find the following: I: n: —F‘S=—F‘ Conclusions: 5. According to CLT what is 0’5 = ‘i'{Assume that s; = o.) 6. Use (If to scale the graph I J _ITo TI". HOW many standard deviations (’33:) does your sample average falls from the hypothesized mean (u) of TIE? 3. Mark your sample average= I? = on the graph above. Is your sample outcomeconsistent with the national average or does it support your claim?r Explain. 9. Would collecting all the data gathered by the class into a large pool enhance ordiminish the quality of the data? Explain. I’D. Why would a newspaper from Tampa= Florida, or Lake Hayasu= Arizona, {all retirement communities} be a poor source for this data?r
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