question archive The Statewide Auto Insurance Company developed the following probability distribution for automobile collision claims paid during the past year: payment probibilitity 0 0
The Statewide Auto Insurance Company developed the following probability distribution for automobile collision claims paid during the past year: payment probibilitity 0 0
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The Statewide Auto Insurance Company developed the following probability distribution for automobile collision claims paid during the past year:
payment probibilitity
0 0.83
500 0.06
1000 0.05
2000 0.02
5000 0.02
8000 0.01
10000 0.01
a. Set up intervals of random numbers that can be used to generate automobile collision claim payments.
b. Using the first 20 random numbers in column 4 of Table 12.2, simulate the payments for 20 policyholders. How many claims are paid and what is the total amount paid to the policyholders?
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