Actuatial math A life insurance product applies a multiple decrement model. Three causes of claims(j) namely (1) death, (2) permanent disability, and (3) resignation from the company.The service table for these life insurance products at the ages of 50 to 55 is given asfollows.X505152535455[(r)10000092212880348366479106Specify l), d(1), d(2) dan d(3³).51 54 5351606264667036843820403644164600d(³)8278767472a)b) Specify 3P50, 390, dan 393)5050c) If each decrement has a uniform distribution for each year of age, then determineμ®(1/2)51

Given a multiple decrement table as x lxr dx1 dx2 dx3 50 100000 60 3684 82 51 62 3820…

Answered: A life insurance product applies a…

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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Suppose a company charges a premium of $150 per year for an insurance policy for storm damage to roofs. Actuarial studies show that in case of a storm, the insurance company will pay out an average of $8000 for damage to a composition shingle roof and an average of $12,000 for damage to a shake roof. They also determine that out of every 10,000 policies, there are 7 claims per year made on composition shingle roofs and 11 claims per year made on shake roofs. What is the company’s expected value (i.e., expected profit) per year of a storm insurance policy? What annual profit can the company expect if it issues 1000 such policies? Determine the probability of a composition shingle roof claim out of 10,000 = ______ Determine the probability of a shake roof claim out of 10,000 = ______ How many claims are made out of 10,000? = _______ What is the probability of no claims out of 10,000? = _______ How much does each shingle roof claim cost the company, don’t forget each person pays $150…
The 2019-2020 flu season was especially tough. By the end of the season, an estimated total of 49 million people in the United States had contracted the flu, of whom an estimated 79,000 died from the flu. Assume that the US population was 300,000,000 during the 2019-2020 flu season and that during the season, a total of 2.9 million Americans died from all causes (including the flu). Assume the population of the US remained the same at the midpoint of the season. Report mortality rates per 100,000. Be sure to express the measure in the correct format. a.What was the proportionate mortality rate from flu during the 2019-2020 flu season? b.What was the case fatality rate from flue during the 2019-2020 flu season?
The 2019-2020 flu season was especially tough.By the end of the season, an estimated total of 49 million people in the United States had contracted the flu, of whom an estimated 79,000 died from the flu. Assume that the US population was 300,000,000 during the 2019-2020 flu season and that during the season, a total of 2.9 million Americans died from all causes (including the flu). Assume the population of the US remained the same at the midpoint of the season. Report mortality rates per 100,000. Be sure to express the measure in the correct format. c.What was the flu-related mortality rate during the 2019-2020 flu season? d.What is the all-cause mortality rate during the 2019-2020 flu season? e.In a country with an age distribution that is much younger than in the US, the proportionate mortality rate from flu in 2019 was 5%. Based on this information alone, can we determine that the risk of dying from flu in 2019 was higher in this country compared to the US? Why or why not?
A company that operated 10 hours a daymanufactures two products on threesequential processes. The following tablesummarizes the data for the problem:
Resistors labeled as 100 Ω are purchased from two different vendors. The specification for this type of resistor is that its actual resistance be within 5% of its labeled resistance. In a sample of 180 resistors from vendor A, 150 of them met the specification. In a sample of 270 resistors purchased from vendor B, 233 of them met the specification. Vendor A is the current supplier, but if the data demonstrate convincingly that a greater proportion of the resistors from vendor B meet the specification, a change will be made. a) State the appropriate null and alternate hypotheses. b) Find the P-value. c) Should a change be made?
The government is attempting to determine whetherimmigrants should be tested for a contagious disease. Let’sassume that the decision will be made on a financial basis.Assume that each immigrant who is allowed into the countryand has the disease costs the United States $100,000, andeach immigrant who enters and does not have the diseasewill contribute $10,000 to the national economy. Assumethat 10% of all potential immigrants have the disease. Thegovernment may admit all immigrants, admit no immigrants,or test immigrants for the disease before determiningwhether they should be admitted. It costs $100 to test aperson for the disease; the test result is either positive ornegative. If the test result is positive, the person definitelyhas the disease. However, 20% of all people who do havethe disease test negative. A person who does not have thedisease always tests negative. The government’s goal is tomaximize (per potential immigrant) expected benefits minusexpected costs. Use a decision…
One car manufacturer produces different models of cars in 4 different factories. Total production; 30% 1. factory 20% 2. factory 22% 3. factory 28% is realized in 4 factories. Only the rates at which a particular model is produced in these factories 1. factory %5, 2.factory %7, 3. factory %10, 4. factory 2 % How much is the production rate of a particular model in the entire production of the company? How likely is it that any car from the specified model we see on the street was produced at 1. factory or at 2. factory?
No. Emp. No. Prod. Wkrs. Value Added by Mfg. Cost of Materials Value of Indus. Shipmnts New Cap. Exp. End Yr. Inven. Indus. Grp. 433 370 23518 78713 4 1833 3630 1 131 83 15724 42774 4 1056 3157 1 204 169 24506 27222 4 1405 8732 1 100 70 21667 37040 4 1912 3407 1 220 137 20712 12030 4 1006 1155 1 89 69 12640 13674 3 873 3613 1 26 18 4258 19130 3 487 1946 1 143 72 35210 33521 4 2011 7199 1 171 126 20548 19612 4 1135 3135 1 21 15 23442 5557 3 605 5506 2 3 2 287 163 1 2 42 2 2 2 1508 314 1 15 155 2 6 4 624 2622 1 27 554 2 52 47 2471 4219 2 292 929 3 74 63 4307 5357 2 454 1427 3 13 12 673 1061 1 20 325 3 17 13 817 707 1 84 267 3 169 147 8986 10421 3 534 2083 3 51 41 3145 4140 2 220 697 3 55 44 4076 7125 2 176 1446 3 84 76 3806 8994 2 423 1014 3 61 47 4276 5504 2 464 1291 3 27 22 1239 716 1 22 356 4 200 178 9423 8926 3 200 2314 4 294 250 11045 11121 3 189 2727 4 38 32 1916 2283 1 29 682 4 17 14 599 364 1 21 197 4 34 28 2063 1813 1 20…
Resistors labeled as 100 Ω are purchased from two different vendors. The specification for this type of resistor is that its actual resistance be within 5% of its labeled resistance. In a sample of 180 resistors from vendor A, 149 of them met the specification. In a sample of 270 resistors purchased from vendor B, 233 of them met the specification. Vendor A is the current supplier, but if the data demonstrate convincingly that a greater proportion of the resistors from vendor B meet the specification, a change will be made. P-value?
Show what correction (using the generalized least squares method) we should use if the form of heteroskedasticity was the following, show mathematically For both a) and b)
The addition of bran to the porridge has been reported in increasing the sales to the hospitals by the Sales and Marketing Manager, Pakistan region of Quaker Chemicals Pvt Ltd. Several different bran preparations are available, and the Manager wants to test the efficiency of two of them, since favorable claims have been made for each by the clinicians. Among the consequences of administering bran that requires testing is the transit time through the alimentary canal in human body. Alimentary canal is a system within humans and other animals which takes in food, digests it to extract and absorb energy and nutrients, and expels the remaining waste. The clinicians and the Sales Manager wonder whether transit time would be shorter if bran is given in the same dosage in three meals during the day (Treatment 1) or in one meal (Treatment 2) to the same patients. A random sample of patients with disease of comparable severity and aged 20-44 is chosen and the two treatments are administered on…
Suppose you are a production manager for a small firm that manufactures designer phone cases. Your production facility utilizes three machines. Quality is binary — each phone case is either defective or it is not defective. Each hour, Machines 1, 2, and 3 produce 10, 10 and 20 phone cases, respectively. But because the machines differ slightly in their technology, data on past production has shown that they differ in terms of their rates of defective output — specifically, Machines 1, 2, and 3 have rates of defective production of 2%, 4%, and 5%, respectively. If one phone case is selected randomly from one hour’s total output, and that phone case is found to be defective, what is the probability that it was produced by Machine 1? Machine 2? Machine 3?

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