The Decision Not to Buy Collision Insurance on an Old

question 37

Multiple Choice

The decision not to buy collision insurance on an old car is called

• A)risk avoidance.
• B)loss control.
• C)risk reduction.
• D)risk retention.

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Definitions:

Normal Distribution

It's a probability distribution with symmetry about the mean, proving that data points near the mean have a higher frequency of occurrence compared to those further away.

Mean

The arithmetic average of a set of numbers, obtained by dividing the sum of the numbers by the count of numbers.

P(Z > 3.00)

The probability that a value Z, on a standard normal distribution, is greater than 3.00.

Area

In geometry, the measurement of the extent of a two-dimensional surface or shape, expressed in square units.