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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.  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 Calculate the probability that the policy holder is younger than 22 years.

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.  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 Calculate the probability that the policy holder is younger than 22 years.

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.8: Probabilities Of Disjoint And Overlapping Events
Problem 2C
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2C. 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. 

  • 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

  • Calculate the probability that the policy holder is younger than 22 years.
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