Insurance: Claims Do you try to pad an insurance claim to cover your deductible? About 40% of all U.S. adults will try to pad their insurance claims! (Source: Are You Normal?, by Bernice Kanner, St. Martin’s Press.) Suppose that you are the director of an insurance adjustment office. Your office has just received 128 insurance claims to be processed in the next few days. What is the probability that (a) half or more of the claims have been padded? (b) fewer than 45 of the claims have been padded ? (c) from 40 to 64 of the claims have been padded? (d) more than 80 of the claims have not been padded?
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.
Insurance: Claims Do you try to pad an insurance claim to cover your deductible? About 40% of all U.S. adults will try to pad their insurance claims! (Source: Are You Normal?, by Bernice Kanner, St. Martin’s Press.) Suppose that you are the director of an insurance adjustment office. Your office has just received 128 insurance claims to be processed in the next few days. What is the probability that (a) half or more of the claims have been padded?
(b) fewer than 45 of the claims have been padded ?
(c) from 40 to 64 of the claims have been padded?
(d) more than 80 of the claims have not been padded?
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