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# In order t0 detenmine insurance premiums, suppose that car insurance company classifies policyholders into one of four classes: excellent risks; good risks, average...

## Question

###### In order t0 detenmine insurance premiums, suppose that car insurance company classifies policyholders into one of four classes: excellent risks; good risks, average risks, and bad risks. Their records indicate that the probability that an excellent risk individual will be involved in car accident Ovcr one-year span is 0.02_ The sanie probability for good, average; and bad risk individuals are 0.05,0.14, and 0.32 ,respectively. Of its policy holders. 8"4 are classilied uS excellent risks; !6

In order t0 detenmine insurance premiums, suppose that car insurance company classifies policyholders into one of four classes: excellent risks; good risks, average risks, and bad risks. Their records indicate that the probability that an excellent risk individual will be involved in car accident Ovcr one-year span is 0.02_ The sanie probability for good, average; and bad risk individuals are 0.05,0.14, and 0.32 ,respectively. Of its policy holders. 8"4 are classilied uS excellent risks; !6% are classified as good risks; and 62% are classified as average Tisks: You maY aSSUIWe that Car accudents Are independent events. (A) Ovet e @iven OcYCat petiod; whut Ule puobbility Uau all policyholders will be involved in Cur aceident? Deline all GCIs epliculy Given that a policyhokler Was nt involved in cur aecident duting 2010, what is the probability the individual willbe classulied a5 (iVan execllent risk"? (I) Pood risk? (ITI) an average risk? (iv) a bad risk?

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