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TABLE 8-4
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.
-Referring to Table 8-4, a 90% confidence interval for the mean score of actuarial students in the special program is from _____to_____.
Noncompete Agreement
A legal contract preventing one party from entering into or starting a similar profession or trade in competition against another party.
Bargained-For Exchange
In reference to agreements, when a promise is made in exchange for another promise, in exchange for an act, or in exchange for a forbearance to act.
Contracts For Necessaries
Legal agreements for the supply of essential goods or services, such as food, shelter, and clothing, especially pertinent to persons unable to enter into contracts, like minors.
Educational Loans
Financial aid provided to students to help cover the cost of education expenses, which must be repaid.
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