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Quality control is an important issue at ACME Company which manufacturers light bulbs. In order to conduct testing of the life hours of their light bulbs, they randomly sampled nine light bulbs and measured how many hours they lasted.
378, 361, 350, 375, 200, 391, 375, 368, 321
-What is the first quartile?
Moral Hazard
Moral hazard occurs when there is a lack of incentive to guard against risk where one is protected from its consequences, often after entering into a contract or agreement.
Deductible
The amount paid out of pocket by the policyholder before an insurance company covers a claim.
Full Replacement Value
An insurance term referring to the amount necessary to replace damaged or lost property with new items of like kind and quality without deducting for depreciation.
Moral Hazard
A situation where one party in a transaction has the opportunity to take risks because they know they will not have to bear all the consequences.
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