An insurance policy costs $105 per year and insures the items in the policy owner's home against theft for the year in which coverage is purchased. Which of these correctly describes the additional information that the insurance company will need to calculate an expected net return per policy? A The number of policies sold only B The payout to the insured if a theft occurs only C The number of policies sold and the probability of damage occurring to the home D The probability of theft of property from the policy owner's home and the payout to the insured if a theft occurs
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
An insurance policy costs $105 per year and insures the items in the policy owner's home against theft for the year in which coverage is purchased. Which of these correctly describes the additional information that the insurance company will need to calculate an expected net return per policy?
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The number of policies sold only |
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The payout to the insured if a theft occurs only |
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The number of policies sold and the probability of damage occurring to the home |
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The probability of theft of property from the policy owner's home and the payout to the insured if a theft occurs |
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