The document contains statistical analysis of processing times in days for 27 approved life insurance policies from a random sample. A boxplot of the data shows it has right skewness, with a few policies taking much longer than average to approve. The mean approval time is 43.89 days while the median is 45 days, indicating the distribution is right skewed with some policies taking significantly more than the average time to approve.
The document contains statistical analysis of processing times in days for 27 approved life insurance policies from a random sample. A boxplot of the data shows it has right skewness, with a few policies taking much longer than average to approve. The mean approval time is 43.89 days while the median is 45 days, indicating the distribution is right skewed with some policies taking significantly more than the average time to approve.
The document contains statistical analysis of processing times in days for 27 approved life insurance policies from a random sample. A boxplot of the data shows it has right skewness, with a few policies taking much longer than average to approve. The mean approval time is 43.89 days while the median is 45 days, indicating the distribution is right skewed with some policies taking significantly more than the average time to approve.
The document contains statistical analysis of processing times in days for 27 approved life insurance policies from a random sample. A boxplot of the data shows it has right skewness, with a few policies taking much longer than average to approve. The mean approval time is 43.89 days while the median is 45 days, indicating the distribution is right skewed with some policies taking significantly more than the average time to approve.
10. In New York State, savings banks are permitted to sell a form of life insurance called savings bank life insurance (SBLI). 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, during 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. During a period of one month, a random sample of 27 approved policies was selected, and the following were the total processing times (stored in Insurance):
73 19 16 64 28 28 31 45 48 17 17 17 91 92
Use statistical software to solve this problem.
a) Obtain the summary measures such as mean, median, mode, range, variance, standard deviation for the sample data Mean = 43.88888889 Median= 45 Mode= 17 Range= 92 16 76 Variance 639.2564103 Standard deviation = 25.28352053
b) What does the value of skewness indicate?
0.517267531 Right skewness >0
c) Construct a boxplot. Are the data skewed? If so, how?
d) The mean approval process takes 43.89 days with 50% of the policies being approved in less than 45 days, 50% of the application are approved between 18 and 63 days. About 67% applications are approved between 18.6 to 69.2 days. called
licy nk for s h, a total
90 60 56 31 56 22 18 63 50 51 69 16 17
deviation for the sample data
Yes, Because the Xlargest-Median is greater than Xsmallest-median. Therefore, there is right skewed. / The distribution is skewed to the right because there are a few policies that require an exceptionally long period to be approved even though the mean is smaller than the median.
