Qn 52. Fireman's Fund commissioned an online survey of 1,154 wealthy homeowners to find out what they knew about their insurance coverages.

(a) When asked whether they knew the replacement value of their homes, 63% replied yes. In this case, should Fireman's Fund conclude that more than half of the wealthy homeowners know the value of their homes?

(b) The results of the survey were accompanied by the statement, "In theory, with probability samples of this size, one could say with 95 percent certainty that the results have a statistical precision of plus or minus 3 percentage points. This online sample was not a probability sample." What is the point of this comment.