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Question at position 10 An insurance company classifies insured policyholders into accident-prone or non-accident-prone. Their current risk model works with the following probabilities. The probability that an accident-prone insured has an accident within a year is 0.4The probability that a non-accident-prone insured has an accident within a year is 0.2. If 30% of the population is accident-prone, what is the probability that a policyholder will have an accident within a year? Round your answer to two decimal places. Answer An insurance company classifies insured policyholders into accident-prone or non-accident-prone. Their current risk model works with the following probabilities. The probability that an accident-prone insured has an accident within a year is 0.4The probability that a non-accident-prone insured has an accident within a year is 0.2. If 30% of the population is accident-prone, what is the probability that a policyholder will have an accident within a year? Round your answer to two decimal places. [input]
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Approach Analysis
We start with the given information: there are two subpopulations—accident-prone (AP) and non-accident-prone (NAP). The probability of an accident within a year is 0.4 for AP and 0.2 for NAP. The population comp......Login to view full explanationLog in for full answers
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