TABLE 8-3 To Become an Actuary,it Is Necessary to Pass a Series

question 126

True/False

TABLE 8-3
To become an actuary,it is necessary to pass a series of 10 exams,including the most important one,an exam in probability and statistics.An insurance company wants to estimate the mean score on this exam for actuarial students who have enrolled in a special study program.They take a sample of 8 actuarial students in this program and determine that their scores are: 2,5,8,8,7,6,5,and 7.This sample will be used to calculate a 90% confidence interval for the mean score for actuarial students in the special study program.
-True or False: Referring to Table 8-3,for the confidence interval to be valid,it is necessary that test scores of students in the special study program on the actuarial exam be normally distributed.

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Definitions:

Self-Monitoring Scale

A psychological measure that assesses an individual's ability to regulate their behavior in social situations based on the perceived social demands.

Reliable

The quality of being consistently good in quality or performance; able to be trusted or depended upon.

Measurement Error

The variation of a number around its true mean due to uncontrolled, essentially random influences; also called error variance.

Random

Characterized by a lack of order, predictability, or specific pattern, often used to describe events or processes.