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Please see the attached word file for question. (Answer ALL questions from the file) Use the information in the table to find the average frequency
Please see the attached word file for question. (Answer ALL questions from the file)
Use the information in the table to find the average frequency of losses per worker.
Use the information in the table to estimate a probability distribution for the frequency distribution of losses per worker in a year.
2) Maria is analyzing the workers' compensation (WC) losses of the employees in the firm that occurred over a one-year period, based on the following data: Number of WC Claims Filled/Worker Number of Workers Total Number of Claims 0 800 0 1 240 240 2 30 60 a. Use the information in the table to find the average frequency of losses per worker. b. Use the information in the table to estimate a probability distribution for the frequency distribution of losses per worker in a year. 3) You are given the following table: Range of Loss Amount Midpoint Dollar Number of Losses Amount of Loss Total $ Amt. of Losses $1-2000 $1,000 200 $200,000 $2000-10,000 $6,0000 30 $180,000 Greater than $12,000 NA 0 0 a. Use the information in the table to find the average severity per claim b. Use the information in the table to estimate a probability distribution for the loss severity per claim. c. Using your answers from question 3, part (a) and question 2, part ( b), use convolution to find the average loss
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