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(Solved by Expert Tutors) Over the past 5 years, an insurance company has had a mix



Over the past 5 years, an insurance company has had a mix

of 40% whole life policies,20% universal life policies, 25% annual renewable-term (ART) policies, and 15% other types of policies. A change in this mix over the long haul could require a change in thecommission structure, reserves, and possibly investments. A sample of 1,000 policiesissued over the last few months gave the results shown here. Use these data to assesswhether there has been a shift from the historical percentages. Use the 5% significantlevel. Clearly identify the hypothesis you are testing, report the test statistic and state your conclusion.
Category Observed Cell Number,n
Whole life 320
Universal life 280
ART 240
Other 160
Total 1,000

 


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Apr 19, 2020

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