Insurance Company a Representative from a Local Insurance Agency Selected

question 131

Short Answer

Insurance Company A representative from a local insurance agency selected a random sample of insured homeowners and recorded the number of claims made in the last three years,with the following results: ​ ​ ​ ​
-{Insurance Company Narrative} What proportion of homeowners had no claims in the last three years?

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Definitions:

Labor Force

The total number of people who are eligible, willing, and able to work, including both the employed and those actively seeking employment.

Adult Population

The segment of the population that is of working age and eligible for employment, typically considered 18 years and older.

Discouraged Worker

An individual who is not actively looking for employment due to believing that no jobs are available for them.

Cyclical Unemployment

Unemployment that fluctuates with the business cycle, increasing during recessions and decreasing during expansions.