Question
In U.S. Savings Banks life insurance sales, the application processing process consists of reviewing the application, reviewing health information, requesting any additional information and medical
In U.S. Savings Banks life insurance sales, the application processing process consists of reviewing the application, reviewing health information, requesting any additional information and medical examinations, and drafting and submitting the contract. A sample of 27 life insurance policies was selected during the month. Their processing times (in days) were as follows: 73, 19, 16, 64, 28, 28, 31, 90, 60, 56, 31, 56, 22, 18, 45, 48, 17, 17, 17, 91, 92, 63, 50, 51, 69, 16, 17.
Find out if the insurance processing times are approximately normally distributed
- By, comparing the actual and (according to the normal distribution) theoretical properties of the distribution
- By drawing up an Normal Probability Plot (NPP)
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