Given Independent Random Variables with Means and Standard Deviations as Shown,find

question 85

Multiple Choice

Given independent random variables with means and standard deviations as shown,find the mean and standard deviation of the variable 2X.

• A)μ = 80,σ = 5
• B)μ = 42,σ = 5
• C)μ = 42,σ = 10
• D)μ = 80,σ = 10
• E)μ = 80,σ = 20

Grasp the legal implications of material misrepresentation in insurance applications.

Understand the insurer's and the insured's duties under an insurance contract.

Comprehend the impact of specific insurance clauses (arbitration, appraisal, antilapse).

Analyze the legal principles involved in adjusting insurance claims.

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Definitions:

Distributing Income

The process by which income is allocated among various economic agents, such as individuals, businesses, and government sectors.

Utility

In the field of economics, utility is defined as the comprehensive satisfaction gained from the consumption of a product or service.

Income

The monetary gain received from work (wages or salary), capital, or other sources during a specific period of time.

Quintile Distribution

Quintile distribution is a method of dividing a population into five equal groups or quintiles, based on variables such as income or wealth, to analyze economic inequality.