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An insurance company, based on past experience, estimates the mean damage for a natural disaster in its area is $ 5,000.
An insurance company, based on past experience, estimates the mean damage for a natural disaster in its area is $ 5,000. After introducing several plans to prevent loss, it randomly samples 200 policyholders and finds the mean amount per claim was $ 4,800 with a standard deviation of $ 1,300. Use the .05 significance level.1. What is the population in this case? What is the sample? How big is the sample?2. State your null and alternative hypotheses.3. What kind of tests do you plan to use? Why?4. Calculate the required test statistics and find the p-value associated with it.5. Do you reject Ho or accept Ha ? Why? 6. Does it appear the prevention plans were effective in reducing the mean amount of a claim?What should the insurance company do?
