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    Insurance Business Problems & Statistics

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    Select any Statistic business problem and develop a problem statement which can be addressed with survey research. Prepare a 10-13 question survey to collect primary data regarding your selected problem statement. This survey should consist a mixture of categorical (nominal and ordinal) and quantitative (interval and ratio) variables. Next, prepare an analysis of this survey and include the following: Explain how the proposed survey addresses your problem statement, Determine and explain if this survey questions are appropriate to research your business problem, Identify the level of measurement being used for each of your survey questions, and explain any ethical implications must be considered when developing survey questions.

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    Solution Preview

    The response addresses the queries posted in 1545 words with references.

    //Before writing about the insurance business problems, it is essential to comprehend the application of the statistical methods for resolving the problems associated with the insurance business. With the assistance of the survey through questionnaire, we will be able to understanding the business problem effectively and the ethical implications that should be considered for analyzing the business performance: //


    The given paper addresses the application of statistical methods to resolve the problems associated with the insurance business. The paper will include a survey- questionnaire for collecting the primary data and would subsequently analyze its conclusions. It will specifically focus upon the cost and effect of these problems on the business performance.

    //As per the directions, the problem statement for the insurance business that has to be analyzed by applying the statistical method of survey through questionnaire is now focused upon. The details of the questions included in the questionnaire in accordance with the problem statement will also be included. For example: //

    Problem Statement: How to use statistical tools to discover potential customers for cross- selling insurance products?

    Question Survey

    Name- ........................................................

    Gender- ...............

    Q1. To which of the following age-groups (in years) do you belong?

    A. 25-35.

    B. 35-45.

    C. Above 45.

    Q2. What is your current educational status?

    A. Undergraduate.

    B. Post-graduate.

    C. Doctorate.

    Q3. Please indicate your occupational category?

    A. Business.

    B. Government employee.

    C. Private-sector employee.

    D. Others.

    Q4. How many members in your family are dependent on you?

    A. 1-2.

    B. 3-5

    C. More than 5.

    D. None.

    Q5. How much are you interested in purchasing new insurance policies?

    A. Highly interested.

    B. Moderately interested.

    C. Not interested.

    Q6. Are you satisfied with the current customer services provided by your insurance company?

    A. Highly satisfied.

    B. Just satisfied.

    C. Not satisfied.

    Q7. In which of the following ranges, does your present annual income falls?

    A. $ 40,000- $ 60,000.

    B. $ 60,000-$ 80,000.

    C. Above $ 80,000.

    Q8. How many insurance policies do you hold currently?

    A. 1-3.

    B. 3-6.

    C. More than 6.

    D. None.

    Q9. Please rate the given insurance types as per your preference?

    A. Health Insurance.

    B. Property Insurance.

    C. Causality Insurance.

    D. Disability Insurance.

    E. Life Insurance.

    Q10. What is the best time in life to get ...

    Solution Summary

    The response addresses the queries posted in 1545 words with references.