Gizmo
09-14-2005, 02:50 AM
Hi all,
I am in dire need of help as I have an assignment which is due next week which I am really struggling with and would appreciate any help I can get.
We are provided with data (refer attached file) representing insurance claims for an organisation over the past nine years. I have to use this data to answer and justify the following questions:
1) Are there any significant trends in the data over time?
2) Plot the data for the size of the losses in 2001 in the form of a frequency distribution and a cumulative distribution. Comment on the descriptive statistics and the shape of the frequency distribution obtained.
3) From the data, what is the probability in any year that a loss will be less than $10,000?
4) If the insurance company was offering to reduce your premium by $450,000 per year if you were to take a deductible of $10,000 (ie, pay the first $10,000 of any claim) would you accept this offer? Give your reasons for accepting/not accepting.
Cheers
Gizmo
I am in dire need of help as I have an assignment which is due next week which I am really struggling with and would appreciate any help I can get.
We are provided with data (refer attached file) representing insurance claims for an organisation over the past nine years. I have to use this data to answer and justify the following questions:
1) Are there any significant trends in the data over time?
2) Plot the data for the size of the losses in 2001 in the form of a frequency distribution and a cumulative distribution. Comment on the descriptive statistics and the shape of the frequency distribution obtained.
3) From the data, what is the probability in any year that a loss will be less than $10,000?
4) If the insurance company was offering to reduce your premium by $450,000 per year if you were to take a deductible of $10,000 (ie, pay the first $10,000 of any claim) would you accept this offer? Give your reasons for accepting/not accepting.
Cheers
Gizmo