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An Auto Insurance Company Evaluates Many Numerical Variables About a Person

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An auto insurance company evaluates many numerical variables about a person before deciding on an appropriate rate for automobile insurance.The number of claims a person has made in the last 3 years is an example of a(n)____________________ random variable.


Definitions:

Social Customs

Traditional practices and norms that dictate behavior within specific communities or societies.

IASC

The International Accounting Standards Committee, a former organization responsible for the development of global accounting standards.

IASB

International Accounting Standards Board, the organization responsible for issuing and updating International Financial Reporting Standards (IFRS).

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