True or False: an Insurance Company Evaluates Many Variables About

question 124

True/False

True or False: An insurance company evaluates many variables about a person before deciding
on an appropriate rate for automobile insurance.A representative from a local insurance agency
selected a random sample of 100 insured drivers and recorded, X, the amount of claims each
made in the last 3 years.A Pareto chart can be used to present this information.

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Definitions:

Crowdsourcing

The practice of obtaining information, ideas, or content by soliciting contributions from a large group of people, especially from an online community.

Regulators

Entities or individuals responsible for making and enforcing rules and standards to control or manage activities, often in industries like finance, healthcare, and utilities.

Competitors

Other businesses or individuals that offer similar products or services, vying for the same customer base or market share.

Technical Feasibility

Evaluation of whether a proposed project or system can be implemented with current technology and resources.