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Probability and Statistical Inference | 9th Edition | ISBN: 9780321923271 | Authors: Robert V. Hogg, Elliot Tanis, Dale Zimmerman
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Assume that an insurance company knows the following probabilities relating to

Chapter 1, Problem 1.5-4

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QUESTION:

Assume that an insurance company knows the following probabilities relating to automobile accidents (where the second column refers to the probability that the policyholder has at least one accident during the annual policy period): Age of Driver Probability of Accident Fraction of Companys Insured Drivers 1625 0.05 0.10 2650 0.02 0.55 5165 0.03 0.20 6690 0.04 0.15 A randomly selected driver from the companys insured drivers has an accident. What is the conditional probability that the driver is in the 1625 age group?

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QUESTION:

Assume that an insurance company knows the following probabilities relating to automobile accidents (where the second column refers to the probability that the policyholder has at least one accident during the annual policy period): Age of Driver Probability of Accident Fraction of Companys Insured Drivers 1625 0.05 0.10 2650 0.02 0.55 5165 0.03 0.20 6690 0.04 0.15 A randomly selected driver from the companys insured drivers has an accident. What is the conditional probability that the driver is in the 1625 age group?

ANSWER:

Step 1 of 2

In the following table, the three columns represent Age of the drivers, probability of any random driver in the group to meet an accident and the probability of at least one accident during the annual policy period.

Age of Driver

Probability of Accident

Fraction of company's insured Drivers

16-25

0.05

0.1

26-50

0.02

0.55

51-65

0.03

0.2

66-90

0.04

0.15

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