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18.06.2021 •
Mathematics
An auto insurance company concludes that 30% of policyholders with only collision coverage will have a claim next year, 40% of policyholders with only comprehensive coverage will have a claim next year, and 50% of policyholders with both collision and comprehensive coverage will have a claim next year. Records show 60% of policyholders have collision coverage, 70% have comprehensive coverage, and all policyholders have at least one of these coverages. Calculate the percentage of policyholders expected to have an accident next year.
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Ответ:
40% of policyholders are expected to have an accident next year
Step-by-step explanation:
Given the data in the question;
P( collision coverage ) = 60% = 0.6
P( comprehensive coverage ) = 70% = 0.7
Now, we make use of the Law of addition of probability, so
P( collision coverage and comprehensive coverage ) = P( collision coverage ) + P( comprehensive coverage ) - P( collision coverage or comprehensive coverage )
P( collision coverage and comprehensive coverage ) = 0.6 + 0.7 - 1
P( collision coverage and comprehensive coverage ) = 0.3
Now,
P( comprehensive coverage only ) = P( comprehensive coverage ) - P( collision coverage and comprehensive coverage )
P( comprehensive coverage only ) = 0.7 - 0.3
P( comprehensive coverage only ) = 0.4
And
P( collision coverage only) = P( collision coverage ) - P( collision coverage and comprehensive coverage )
P( collision coverage only) = 0.6 - 0.3 = 0.3
Next we make use of the Law of total probability;
P( accident ) = [P( accident ║ collision coverage only) × P( collision coverage only)] + [P( accident ║ comprehensive coverage only) × P( comprehensive coverage only)] + [P( accident ║ collision coverage and comprehensive coverage only) × P( collision coverage and comprehensive coverage only)]
so we substitute in our values;
P( accident ) = [ 30% × 0.3 ] + [ 40% × 0.4 ] + [ 50% × 0.3 ]
P( accident ) = [ 0.3 × 0.3 ] + [ 0.4 × 0.4 ] + [ 0.5 × 0.3 ]
P( accident ) = 0.09 + 0.16 + 0.15
P( accident ) = 0.4 or 40%
Therefore, 40% of policyholders are expected to have an accident next year
Ответ:
what table
Step-by-step explanation: