Hurricane katrina forced insurance companies to examine

Reference no: EM13632318

Hurricane Katrina forced insurance companies to examine policy rates and originally determined that the average claim amount was $1900.00. A review of the average amount determined that the true mean was higher and could potentially lead to future financial losses.

Taking a random sample of 50 claims please provide a detailed hypothesis testing for this data including the standard deviation to accept or reject the hypothesis.

Reference no: EM13632318

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