Answered: savings banks are permitted to sell life insurance. The approval process consists of underwriting, which includes a review of the application, a medical…

Name: savings banks are permitted to sell life insurance. The approval proce
Uploaded: 2024-03-20T07:06:27.000Z
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Description: savings banks are permitted to sell life insurance. The approval process consists of underwriting, which includes a review of the application, a medical information bureau check, possible requests for additional medical information and medical exams,

MATLAB: An Introduction with Applications

6th Edition

ISBN: 9781119256830

Author: Amos Gilat

Publisher: John Wiley & Sons Inc

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savings banks are permitted to sell life insurance. The approval process consists of underwriting, which includes a review of the application, a medical information bureau check, possible requests for additional medical information and medical exams, and a policy compilation stage, in which the policy pages are generated and sent to the bank for delivery. The ability to deliver approved policies to customers in a timely manner is critical to the profitability of this service to the bank. Using the DCOVA framework you define the variable of interest as the total processing time in days. You collect the data by selecting a random sample of 27 approved policies during a period of one month. You organize the data collected in a worksheet and store them in

73 19 16 64 28 28 31 90 60 56 31 56 22 18

45 48 17 17 17 91 92 63 50 51 69 16 17

a. Compute the mean, median.

b. Compute the range, variance, standard deviation, and coefficient of variation.

c. What would you tell a customer who enters the bank to purchase this type of insurance policy and asks how long the approval process takes?

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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