Consumer Reports rated automobile insurance companies and gave annual premiums for top-rated companies in several states. The figure below shows box plots for annual premiums for urban customers (married couple with one 17-year-old son) in three states. The box plots were all drawn using the same scale on a TI-84Plus/TI-83Plus calculator. The five-number summaries below were generated on the TI-84Plus/TI-83Plus calculators for the box plots.

Insurance Premium (annual, urban)
figure3-9.gif

3-figure-10-alt.gif

(a) Which state has the lowest premium? the highest?

---Select--- California Texas Pennsylvania has the lowest premium, and ---Select--- California Pennsylvania Texas has the highest.

(b) Which state has the highest median premium?

TexasPennsylvania California

(c) Which state has the smallest range of premiums? the smallest interquartile range?

---Select--- Texas Pennsylvania California has the smallest range, and ---Select--- Pennsylvania California Texas has the smallest IQR.

(d) Match the five-number summaries to the appropriate box plots.

California (i); Texas (ii); Pennsylvania (iii)Pennsylvania (i); Texas (ii); California (iii) Texas (i); Pennsylvania (ii); California (iii)Pennsylvania (i); California (ii); Texas (iii)Texas (i); California (ii); Pennsylvania (iii)California (i); Pennsylvania (ii); Texas (iii)

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Mathematics

Answered

Consumer Reports rated automobile insurance companies and gave annual premiums for top-rated companies in several states. The figure below shows box plots for annual premiums for urban customers (married couple with one 17-year-old son) in three states. The box plots were all drawn using the same scale on a TI-84Plus/TI-83Plus calculator. The five-number summaries below were generated on the TI-84Plus/TI-83Plus calculators for the box plots.

Insurance Premium (annual, urban)
figure3-9.gif

3-figure-10-alt.gif

(a) Which state has the lowest premium? the highest?

---Select--- California Texas Pennsylvania has the lowest premium, and ---Select--- California Pennsylvania Texas has the highest.

(b) Which state has the highest median premium?

TexasPennsylvania California

(c) Which state has the smallest range of premiums? the smallest interquartile range?

---Select--- Texas Pennsylvania California has the smallest range, and ---Select--- Pennsylvania California Texas has the smallest IQR.

(d) Match the five-number summaries to the appropriate box plots.

California (i); Texas (ii); Pennsylvania (iii)Pennsylvania (i); Texas (ii); California (iii) Texas (i); Pennsylvania (ii); California (iii)Pennsylvania (i); California (ii); Texas (iii)Texas (i); California (ii); Pennsylvania (iii)California (i); Pennsylvania (ii); Texas (iii)

Answer :

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Jaiswaljyotigo Jaiswaljyotigo · Answer 1

a) California has the lowest premium and Pennsylvania has the highest premium.

b) Pennsylvania has the highest median premium.

c) Texas has the smallest range of premium. California has the smallest interquartile range.

Insurance Premium:

A premium is the amount an individual or business pays for an insurance policy. Premiums are paid for policies that cover health insurance, auto insurance, home insurance, and life insurance. When the premium is paid, it becomes income for the insurance company. It also constitutes liability, as the insurer must pay for claims arising from the policy. Failure to pay individual or corporate premiums may result in the cancellation of the policy.

The insurance company actuary is responsible for determining premium payments using statistics and calculations. Determine the likelihood of encountering an event or accident requiring insurance coverage. We will also be charged for any costs associated with the coverage.

Using the above factors to determine the premium, the actuary determines the price charged by the insurance company so that the amount the actuary receives is greater than the amount the company has to pay for the claim. increase.

Information gathered by actuaries is entered into tables called actuarial tables and passed on to insurance companies who set premium prices.

From the above discussion, we get:

a) California has the lowest premium and Pennsylvania has the highest premium.

b) Pennsylvania has the highest median premium.

c) Texas has the smallest range of premium. California has the smallest interquartile range.

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