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

question 178

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,if we use the same sample information to obtain a 95% confidence interval,the resulting interval would be narrower than the one obtained here with 90% confidence.

---

Definitions:

RUPA

The Revised Uniform Partnership Act, governing the operation of partnerships in the United States.

Partnership Agreement

A contract between business partners that outlines the terms of the partnership, including each partner's duties, profit sharing, and resolution of disputes.

Business Creditors

Entities or individuals to whom a business owes money or other financial obligations.

Personal Assets

Items of value owned by an individual, including tangible property like real estate and cars, as well as intangible assets such as investments.