An Actuary Wishes to Predict the Life Expectancy of a Person

question 3

Multiple Choice

An actuary wishes to predict the life expectancy of a person based on several variables.One categorical variable of interest is their relationship status - single,married,divorced,widowed,or common-law.If the actuary wished to include "relationship status" in a regression model,how many indicator variables would he/she need to use in the model?

• A)4
• B)2
• C)3
• D)5
• E)1

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Definitions:

Opinions Over Time

How perspectives or beliefs of individuals or groups change across different periods.

Moscovici

Refers to Serge Moscovici, a social psychologist known for his work on social influence, minority influence, and the theory of social representations.

Minority Influence

A form of social influence where a smaller portion of a group changes the attitudes, beliefs, or behaviors of the larger group.

Conformity And Photocopying

The phenomenon where individuals adjust their actions or opinions to align with a perceived group norm, illustrated by studies observing behavior change in the context of a photocopying scenario.