Reference no: EM13966031
An insurance company offers four different de- ductible levels none, low, medium, and high for its homeowner s policyholders and three different levels low, medium, and high for its automobile policyholders. The accompanying table gives pro- portions for the various categories of policyholders who have both types of insurance. For example, the proportion of individuals with both low home- owner s deductible and low auto deductible is .06 (6% of all such individuals).
Homeowner's
|
Auto
|
N
|
L
|
M
|
H
|
|
L
|
.04
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.06
|
.05
|
.03
|
|
M
|
.07
|
.10
|
.20
|
.10
|
|
H
|
.02
|
.03
|
.15
|
.15
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Suppose an individual having both types of policies is randomly selected.
a. What is the probability that the individual has a medium auto deductible and a high homeowner s deductible?
b. What is the probability that the individual has a low auto deductible? A low homeowner s deductible?
c. What is the probability that the individual is in the same category for both auto and home- owner s deductibles?
d. Based on your answer in part (c), what is the probability that the two categories are different?
e. What is the probability that the individual has at least one low deductible level?
f. Using the answer in part (e), what is the proba- bility that neither deductible level is low?
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