An Insurance Company Evaluates Many Numerical Variables About a Person

question 202

Short Answer

An insurance company evaluates many numerical variables about a person before deciding on an appropriate rate for automobile insurance.The number of tickets a person has received in the last 3 years is an example of a numerical variable.

Apply and interpret the Sign Test for non-parametric inference about median differences.

Understand and apply hypothesis testing for comparing means between two groups.

Interpret confidence intervals in the context of the difference between two population means.

Identify and explain the use of t-tests and significance levels in hypothesis testing.

---

Definitions:

Legal Requirements

Obligations that individuals or organizations must comply with according to laws and regulations.

Compliance

The act of conforming to laws, regulations, guidelines, or specifications.

Wagner Act

A foundational piece of labor legislation in the United States that established the rights of workers to organize into unions and to bargain collectively with their employers.

Taft-Hartley Act

A 1947 federal law in the United States that restricts the activities and power of labor unions.