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STATISTICAL ANALYSIS with SOFTWARE APPLICATION ASSESSMENT NO. 5 Insurance companies are known to charge different insurance rate for different categories of its customers, such as the age of the insured. Table 1 below shows the average insurance premium, the adjusted insurance premium, and the average insurance claim grouped by age. 1. 49-51 52-54 55-57 58-60 a. b. Calculate the correlation coefficient between the premiums (average premium; adjusted premium) and claim values. Interpret the results of the correlation coefflcients. AGE 1-3 4-6 7-9 10-12 13-15 16-18 19-21 22-24 25-27 28-30 31-33 34-36 37-39 40-42 43-45 46-48 AVG. PREMIUM P 9,720 6,490 5 020 4,260 3 780 3 430 3 260 3 060 2 870 2 730 2 560 2 350 2,180 1,910 1,760 1,610 1,430 1,280 1,020 890 AVG. CLAIM P 36, 670 29,050 25 oo 22.740 22 790 21.990 22 650 22 330 21 990 20 080 21 670 20 010 19,450 18,890 19.940 17,670 17.020 16,500 14, 980 13 890 ADJ. PREMIUM P 4310 4,400 4 500 4,600 4 700 4,850 5 350 6,360 7 ooo 7 180 7 290 7 850 8 150 8 930 9,650 9 980 10,760 11 080 11,650 12 140