An Insurance Company Has Collected the Following Data on the Gender

question 93

Essay

An insurance company has collected the following data on the gender and marital status of 300 customers.
Marital Status $$\begin{array} { | l | c | c | c | } \hline \text { Gender } & \text { Single } & \text { Married } & \text { Divorced } \\\hline \text { Male } & 25 & 125 & 30 \\\hline \text { Female } & 50 & 50 & 20 \\\hline\end{array}$$ Suppose that a customer is selected at random. Find the probability that the customer selected is:
a. a married female.
b. not single.
c. married, if the customer is male.
d. female or divorced.
e. Are gender and marital status mutually exclusive? Explain using probabilities.
f. Is marital status independent of gender? Explain using probabilities.

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Definitions:

Monte Carlo Simulation

Monte Carlo Simulation is a computational technique that uses random sampling to estimate complex mathematical or physical systems' behaviors.

Unit Variable Cost

Unit Variable Cost is the cost associated with producing one additional unit of a product, including materials and labor, which varies with the volume of production.

Data Table Function

A feature in software that allows users to organize and analyze data in table format, often with sorting, filtering, and computational capabilities.

Percentage Of Risk

The proportionate part of a total risk that can be attributed to a specific factor or action, often expressed as a percentage.