Examlex

Solved

An Insurance Company Evaluates Many Numerical Variables About a Person

question 40

Short Answer

An insurance company evaluates many numerical variables about a person before deciding on an appropriate rate for automobile insurance.A person's age is an example of a numerical variable.


Definitions:

Price Level

The overall mean price of all current goods and services in the economic setting.

Curve

In economics, a graphical representation showing the relationship between two varying quantities, such as supply and demand.

Slope

A measure of the steepness, incline, or grade of a line, representing the rate of change between variables on a graph.

Cholera Epidemic

An outbreak of the bacterial disease cholera, characterized by severe diarrhea and dehydration, often spreading in areas with inadequate access to clean water and sanitation.

Related Questions