Question

An insurance policy provides coverage for two types of claims. The numbers of annual claims of Type I and Type II are denoted by $X$ and $Y$, respectively. The joint probability function of $X$ and $Y$ is given in the following table. | | $y=0$ | $y=1$ | $y=2$ | | :---- | :----- | :----- | :----- | | $x=0$ | 0.31 | $p$ | 0.05 | | $x=1$ | 0.21 | 0.13 | $q$ | A Type I claim costs 750, and a Type II claim costs 1000. The expected annual Type I claims cost is 345. Calculate the variance of $Y$.

Name: an insurance policy provides coverage for two types of claims the numbers of annual claims of type i and type ii are denoted by x and y respectively the joint probability function of x and y 11675
Uploaded: 2024-03-19T03:02:09-08:00
Duration: 1 min 59 s
Channel: Lien Le
Description: an insurance policy provides coverage for two types of claims the numbers of annual claims of type i and type ii are denoted by x and y respectively the joint probability function of x and y 11675

          An insurance policy provides coverage for two types of claims. The numbers of annual claims of Type I and Type II are denoted by $X$ and $Y$, respectively.
The joint probability function of $X$ and $Y$ is given in the following table.

|       | $y=0$ | $y=1$ | $y=2$ |
| :---- | :----- | :----- | :----- |
| $x=0$ | 0.31   | $p$    | 0.05   |
| $x=1$ | 0.21   | 0.13   | $q$    |

A Type I claim costs 750, and a Type II claim costs 1000. The expected annual Type I claims cost is 345.
Calculate the variance of $Y$.

an insurance policy provides coverage for two types of claims the numbers of annual claims of type i and type ii are denoted by x and y respectively the joint probability function of x and y 11675

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