Statistics for Insurance — DU B.A. (V.S.) Insurance Management Previous Year Question Papers

6. (a) Define Time Series. Explain the components of time series and its uses. (b) Explain various approaches to the concepts of probability. Write down the sample space when two coins and six faced dice are tossed together. 7. Compute the estimated premium amount for a person aged, 50 years based on the data given below : Age of Life 45 48 36 30 55 58 Insured (in years) Yearly Premium (i) Also estimate the value of the coefficient of correlation and interpret it. (ii) What is the annual increment in premium as the person ages every year? 8. Write short notes on (any two) : (i) Consumer Price Index and Stock Market Index (ii) Normal Curve (iii) Conditions under which the binomial distribution is used. Management (NEP) 1. Answer the following : (a) Define median. How is it different from arithmetic mean ? (b) • Discuss any 3 properties of arithmetic mean and median. (c) From the data given below, compute Q1, Q3, D2, Marks Below 10-20 20-40 40-60 60-80 Above 2. From the data given below, compute : (i) The two regression equations (ii) The coefficient of correlation between marks in mathematics and marks in statistics (iii) Most likely marks in statistics when marks in mathematics is 45 3. The data given the table below pertains to number of insurance claims during the last 7 years in India: (a) Using method of least square, fit a straight-line trend equation to the data. (b) What will be the probable number of claims for the year 2025? (c) Convert the annual trend equation into monthly trend equation with 2017 as the base year. 4. (a) "Index numbers are barometers of economic activity". In the light of this statement, discuss the concept, uses and types of index numbers. (b) Given below are two series of index-Series A with 2013 as base year and Series-B with 2017 as the base year: Year Series A Series B Splice the two series together so as to give a continuous series with base 2023=100. 5. (a) The mean of 99 items is 55. The value of 100th item is 99 more than the mean of 100 items. What is the value of 100th item? (b) Define an independent event. Can two events be mutually exclusive and independent simultaneously? Support your answer with the help of an example.