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Pirates have been intensely attacking ships off the shore of Somalia this year. Boat owners have reportedly coughed up more than $30 million in ransom and insurance premiums have shot up. Why would insurance premiums increase dramatically? I. Because the probability of pirate attack has increased
II) Because consumers' willingness to pay for insurance has increased because of these attacks
III) Because insurance claims have increased
Independent
Independent describes someone or something not influenced or controlled by others in matters of opinion, conduct, or other actions.
Convenience Sample
A non-random selection of participants from a population based on ease of access and availability, often used in exploratory research where representativeness is not a primary concern.
Probability Sample
A sampling method in which each member of the population has a known, non-zero chance of being selected, allowing for statistical inference to the larger population.
Sampling Frame
The list or database from which a statistical sample is drawn for a research study, encompassing all the members of the population being studied.
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