Poisson Probability
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An insurance company has determined that each week an average of nine claims are filed in their Atlanta branch. What is the probability that during the next week
a. exactly seven claims will be filed?
b. no claims will be filed?
c. less than four claims will be filed?
d. at least eighteen claims will be filed?
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Solution Summary
The solution provides step by step method for the calculation of Poisson probabilities. Formula for the calculation and Interpretations of the results are also included. Insurance formulas are examined.
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Probability - Insurance
An insurance company has determined that each week an average of nine claims is filed in their Atlanta branch. What is the probability that during the next week
Answer
Let X be the number of claims filed in the Atlanta branch. Given that X is Poisson with mean = 9. The probability density function of Poisson random variable is given by
The probabilities for different values of X are given below.
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