Homework answers / question archive / Time 73 19 16 61 29 29 31 93 60 56 31 56 21 17 47 49 18 18 18 93 96 63 55 50 68 16 18     In certain? states, savings banks are permitted to sell life insurance

Time 73 19 16 61 29 29 31 93 60 56 31 56 21 17 47 49 18 18 18 93 96 63 55 50 68 16 18     In certain? states, savings banks are permitted to sell life insurance

Statistics

Share With

---

Time

73

19

16

61

29

29

31

93

60

56

31

56

21

17

47

49

18

18

18

93

96

63

55

50

68

16

18

 

 

In certain? states, savings banks are permitted to sell life insurance. The approval process consists of? underwriting, which includes a review of the? application, a medical information bureau? check, possible requests for additional medical information and medical? exams, and a policy compilation? stage, in which the policy pages are generated and sent to the bank for delivery. The ability to deliver approved policies to customers in a timely manner is critical to the profitability of this service to the bank. Using the DCOVA? framework, the variable of interest is defined as the total processing time in days. Data in the accompanying table are collected by selecting a random sample of 27 approved policies during a period of one month. Complete parts a through c.

 

 

a.  Compute the? mean, median, first? quartile, and third quartile.

 

Mean = _____?  ?(Round to two decimal places as? needed.)

 

Median = _____? (Type an integer or decimal. Do not round.)

 

First quartile = _____? (Type an integer or decimal. Do not round.)

 

Third quartile = _____? (Type an integer or decimal. Do not round.)

 

 

b.  Compute the? range, interquartile? range, variance, standard? deviation, and coefficient of variation.

 

Range =_____?  (Type an integer or a decimal. Do not? round.)

 

Interquartile Range =_____?  (Type an integer or a decimal. Do not round.)

 

Sample variance = _____? (Round to two decimal places as? needed.)

 

Sample standard deviation = _____? (Round to two decimal places as needed.)

 

Coefficient of variance = _____? (Round to two decimal places as needed.)

 

 

c.   What would you tell a customer who enters the bank to purchase this type of insurance policy and asks how long the approval process? takes? (Choose the correct bold answer)

The mean approval process takes 47/44.48/663.26/ days with 50% of the policies being approved in less than 42/27/47 days. The middle? 50% of the applications are approved between 18.5 and 60.5 / 18 and 63 days. About? 68% of the applications are approved between 18.73 and 70.23 / 17.73 and 71.23