You are browsing the archive for Statistics.

95% of statistics are 75% made up

February 16, 2013 in General

Thanks to my pal Rob K. for the title of this post, and I totally made the numbers up, by the way. Because this is a blog and not a <heavy sarcasm>highly respected news organization like Fox News, which assiduously checks facts and figures before reporting</heavy sarcasm>, I can say whatever I like to fit my theme. (Thanks Lara FW for demonstrating the proper usage of the sarcasm tag on FB last week. You’ll notice I totally ripped you off paid homage to your cleverness.)

Statistics: How to calculate an insurance risk premium?

November 1, 2012 in Fire insurance

A customer for a $90,000 fire insurance policy possesses a home in an area which, according to experience, may sustain a total loss in a given year with probability or 0.001, and a 50% loss with probability 0.01. Ignoring all other partial losses, what premium should the insurance company charge for a yearly policy to make 10% above the break even point?

Thanks for the help!

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I need help coming up with examples for each of the following statistics (relating to mortgages):?

September 20, 2012 in Insurance jobs and educations

Give an example (each): Nominal, Ordinal, Interval, and Ratio Data

This is what I’ve come up with for examples, but not sure if they really work?
Nominal: Loan programs (such as 30 year fix, 15 year fix, etc.)
Ordinal: Loan Office, Underwriter, Processor, and Closer
Interval: Loan amounts

That’s what I’ve come up with so far, but do they make sense? What about for the rest?

Congressman Mike Rogers, cancer statistics of countries with socialized medicine

August 8, 2012 in Health insurance


Congressman Mike Rogers offers the real health CARE we will be receiving with universal health insurance run by the government. He tells us the cancer statistics of countries with socialized medicine and offers his personal story about cancer.

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Shocking Housing Statistics- What You Should Know Before Buying a House.

June 28, 2012 in Insurance Agent


I just saw some shocking housing statistics from Real Estate website Zillow revealing what you SHOULD know when buying a house. 0:03 Zillow just released results of a survey taken by first time homebuyers that revealed some shocking results of how knowledgeable they are about the house buying process. Now all you Realtors watching this, you may want to give your clients some home buying tips that can teach them what to know before buying a house. 47% believed that the home became theirs once everyone signed the purchase contract. and 42% believe that home values are guaranteed to appreciate by about 7% each year, when in reality, in a normal market it’s typically 2-5% each year, and we all know, we are NOT in a normal market right now. 41% of all new homebuyers believe they need to pay for private mortgage insurance, regardless of how much of a downpayment they’re making, when in reality, that’s typically true if you’re putting less than 20% down. And finally 37% of first time homebuyers believe buying homeowner’s insurance is optional. I’m here to tell you it’s not. That’s why every realtor, mortgage broker and insurance agent needs to take time to make sure our clients are aware of what to know when buying a home. If you want to take Zillow’s Buyer IQ test for free, you can click on the link below. www.zillow.com 1:30 The richest man in India, who also is the 9th richest man in the world, had a 27 story, one billion dollar home built in Mumbai for him and 3 members of

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Fancy Statistics and Shenanigans (Health Care)

June 15, 2012 in General

Ready to get all up in arms about an issue? No? That’s cool. There are a lot of issues out there. It’s hard to focus, man, I tell ya’.

***

But please, at least know the facts!

Disclaimer: If anything in this post makes you angry at the world… GOOD. Then my work is done. (Just kidding, don’t get angry, vote for health care reform!)

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Texting and Distracted Driving-the Grim Reality, Statistics, and Consequences

May 25, 2012 in Car insurance


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HELP WITH STATISTICS!?

March 27, 2012 in Insurance jobs and educations

I have some problems and Im very confused :S can someone explain me how to get the answer for these problems? step by step??

LUCIA GRADUATED THIS YEAR WITH AN ACCOUNTING DEGREE FROM …………….. SHE CANNOT DECIDE WHICH OF THE THREE JOBS OFFERS SHE SHOULD ACCEPT. SUPPOSE SHE DECIDES TO RANDOMLY SELECT ONE OF THESE THREE JOB OFFERS. FIND THE PROBABILITY THAT THE JOB OFFER SELECTED IS
A. FROM THE INSURANCE COMPANY
B.NOT FROM THE ACCOUNTING FIRM???

THE PROBABILITY THAT AN AMERICAN ADULT HAS NEVER EXPERIENCEED A MIGRAINE HEADACHE IS 3.5. IF TWO AMERICAN ADULTS ARE RANDOMLY SELECTED, WHAT IS THE PROBABILITY THAT NEITHER OF THEM HAS NEVER EXPERIENCED A MIGRAINE HEADACHE?

If Obama claims to have created 2 million jobs and the Bureau of Labor Statistics data shows 1.9 million loss?

March 17, 2012 in Insurance jobs and educations

Who is right?

In February 2009, the Bureau of Labor Statistics (BLS) reported that 141.7 million people were employed. By the end of May 2011 – the last month for which data are available – that number had fallen to 139.8 million, a difference of 1.9 million.

While the number of people with jobs has increased slightly from its low point during the recession – 137.9 million in December 2009 – those 1.9 million jobs have been lost despite $800 billion in stimulus spending.

Need help with Statistics ASAP!?

February 28, 2012 in Car insurance

A SRS of 20 automobiles of varying makes and models were chosen to try out a new mixture
of unleaded gasoline. The investigators would like to see if the new mixture results in lower pollution
emissions than their current mixture. Each auto was randomly assigned to one of the two mixtures by a coin toss and 2.5 gallons of the appropriate type of fuel was added to the tank and the cars were run on an instrument to measure the emissions until all of the fuel was gone. Immediately following the 1st run an identical amount of the other fuel was added and the experiment was repeated. To complete the study the investigators would use:
A) Paired t-test
B) Hypothesis test for the difference between two means
C) Hypothesis test for population mean
D) Hypothesis test for population proportion
E) CI for the difference between two population proportions

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