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Evidence that the median coverage

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Economics and Finance Insurance companies recommend a personal umbrella policy for most customers, even if they already have a home and an automobile policy. Basic liability coverage may not be adequate as lawsuits become more common and jury awards escalate. A random sample of adults with umbrella policies was obtained, and the amount of coverage was recorded for each (in millions of dollars). Assume the underlying distribution of umbrella coverage amounts is continuous. Use the sign test with a = 0.05 to determine whether there is any evidence that the median coverage amount is different from $2.00 million.

Reference no: EM131754793

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