A Random Sample of 12 Life Insurance Policy Holders Showed

question 15

Short Answer

A random sample of 12 life insurance policy holders showed that the mean value of their life insurance policies is $210,000 with a standard deviation of $44,600.Assuming that the values of life insurance policies for all such policy holders are approximately normally distributed,the 99% confidence interval for the mean value of all life insurance policies,rounded to two decimal places,is:

---

Definitions:

Exemption Provisions

Clauses in a contract or law that exclude certain situations or parties from the application of rules or penalties.

Federal Exemption Scheme

A legal framework provided by federal law that allows individuals declaring bankruptcy to protect certain assets from creditors under specific conditions.

Motor Vehicle

A self-propelled vehicle used for transporting people or goods on land, such as cars, trucks, and motorcycles.

State Exemption Laws

Laws that protect certain types of personal property or assets from being seized or sold to satisfy debts or judgments, varying by state.