Probability that a Randomly Selected Household has Low Life Insurance
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The American Council of Life Insurance and the Life Insurance Marketing and Research Association have reported that insured households with heads of households who are 35 to 44 years old had an average of $95,900 of life insurance coverage. Assuming a normal distribution and a standard deviation of $25,000, what's the probability that a randomly selected household with a head of household in this age group had less that $70,000 in life insurance coverage?
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This solution shows and explains the steps to this business statistics problem of insurance coverage probability. Step by step calculations are given.
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Problem: The American Council of Life Insurance and the Life Insurance Marketing and Research Association have reported that insured households with heads of households who are 35 to 44 years old had an average of $95,900 of life insurance coverage. Assuming a normal distribution and a standard deviation of $25,000, what's the probability that a randomly selected household with a ...
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