Probability of having a claim in a motor insurance product is 0.2. We plan to simulate the scenario to understand the system better. For this, random numbers are generated between 0 and 1, and are associated with the system variable that can have two possible values -- Claim or No claim.
a) Write a plan to associate random numbers with claim or no claim.
b) Probability that claim amount exceeds Rs. 60000 in the same insurance product is 0.05. Write a plan to associate random numbers with no claim, low claim and high claim. Claims exceeding Rs 60000 are considered high claim.
Answer available at https://drive.google.com/open?id=1tcgm4dFjnvNmnm9d0KQbm8ICBnP9mC7z
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