Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. your leader has asked you to evaluate the defects

Your leader has asked you to evaluate the defects based on insurance claim type (auto vs....

80.2K

Verified Solution

Question

Basic Math

Your leader has asked you to evaluate the defects basedon insurance claim type (auto vs. injury). You have a total of 600claims, with 400 auto, 200 injury, 100 with a defect, and 60 autoor has an injury.

    Provide at least three relevantprobabilities for the leader that will be important for use inmaking business decisions.

    Explain why the selectedprobabilities are important.

Answer & Explanation Solved by verified expert
4.0 Ratings (747 Votes)
The 3 probabilities are defect rates individually for Auto and Injury and the combined defect rate 1 Defect rate Auto Total defects Auto Total claims Auto 1004 025 Why is it important This will provide a metric to decision makers as to how    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Last year Janet purchased a $1,000 face value corporate bond with an 8% annual coupon rate...

Accounting
1.2K views

The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the...

Calculus
1.2K views

3 Use the nth Term Test for divergence to show that the series is divergent...

Calculus
1.2K views

Question Answer Attempt 1 out of 2 The function y f x is graphed below...

Algebra
1.2K views

Determine if the matrix below is invertible Use as few calculations as possible Justify your...

Algebra
1.2K views

Question 13 of 16 Step 1 of 1 12 16 Correct Simplify the following expression...

Accounting
1.2K views

Time Outstanding $ Amount Fraction expected to be uncollectible ...

Accounting
1.2K views

The following tables show the balance sheets of two banks: Big Bank and...

Accounting
1.2K views

You are required to choose ONE micro, small or medium enterprise in your housing area....

Accounting
1.2K views

c) In view of recent corporate failures around the world, describe the impact of recent...

Accounting
1.2K views

Riverview City received a gift of $1 million. The sum is to be maintained as...

Accounting
1.2K views

When should nonprofit organizations record a pledge receivable, and when would they NOT record a...