A Motorcycle Insurance Company Evaluates Many Numerical Variables About a Person

question 194

Short Answer

A motorcycle insurance company evaluates many numerical variables about a person before deciding on an appropriate rate for motorcycle insurance.The number of tickets a person has received in the last 3 years is an example of a(n)____________________ random variable.

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Definitions:

Price of Oranges

The cost at which oranges are sold, affected by factors like supply, demand, seasonality, and production costs.

Rental Price of Apartments

The cost charged to tenants for leasing living space on a monthly or annual basis.

Property Taxes

Taxes levied on property owners based on the assessed value of their property, often used to fund local services and infrastructure.

Unexpected Increase

An unforeseen rise in a particular variable or metric, which could pertain to costs, prices, demand, or any other economic factor.