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

question 23

True/False

SCENARIO 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.
-Referring to Scenario 8-3,it is possible that the confidence interval obtained will not contain the mean score for all actuarial students in the special study program.

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Definitions:

Aptitude Test

A type of ability test that measures what one is capable of doing. It includes intelligence tests, neuropsychological assessments, cognitive ability tests, special aptitude tests, and multiple aptitude tests.

Subtests

Components or sections of a larger test, each focusing on a specific area of skill or knowledge within the overall assessment.

Intercorrelations

Statistical measures that indicate the strength and direction of relationships between multiple variables.

Factor Analysis Validity

Factor Analysis Validity involves using factor analysis, a statistical method, to identify the underlying structure of psychological constructs, thus helping to validate the content of a test.