Statistics for Business - Statistics Assignment Help

Assignment Task

Q1 An insurance company is investigating the possibility of charging premiums for private vehicle insurance based on the age and license type of the youngest driver declared by the policy holder at the time of issue. Records of damage claims where the policy holder was at fault were examined for the last 12 months and are summarized in the table below.

(a) If one of the claims is picked at random, what is the probability that the youngest driver was aged Under 20?

(b) If the driver in a claim was known have a restricted license, what is the probability that they were aged under 20?

(c) Are license type and age group of youngest driver independent of one another? Explain your answer by calculating a relevant probability and comparing it to your answer to (b).

(d) What other information should the company be collecting from the damage claims records?

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