Joe Barton, sales manager of the life insurance division of Liberty Hill Insur-
ID: 3351661 • Letter: J
Question
Joe Barton, sales manager of the life insurance division of Liberty Hill Insur- ance Corporation, was hoping to provide additional guidelines for isolating prospective customers tor his sales force. One approach that he considered was to find the avege alnount of insurance that individuals with ccrtain charae- teristics had. Then, any individual that had the same characteristics and less than the average amount of insurance could be considered a prime prospect Barton decided to implement this line of reasoning. He began by drawing a random sample of 20 policyholders from the firm's files. He started his analysis by focusing on income and family size. The relevant information taken from the files is presented below a. Haw would you analyze these data to isalate prospective consumers? b. Which family or families appear to represent good prospects? Amount of Lile Insurance Family Family n Thousands of Dollars) n Thousands of Dollars) Size 10 10 35 31 4D 16 17 18 19Explanation / Answer
a)
Descriptive Statistics
N
Minimum
Maximum
Mean
Std. Deviation
Income
20
6.00
19.00
12.1000
3.40124
Family_Size
20
2.00
7.00
3.8000
1.43637
Amount_Of_Life_Ins
20
14.00
48.00
28.4000
8.65965
Valid N (listwise)
20
From the above table, we can identify that summary of the data
Amount_Of_Life_Ins * Income Crosstabulation
Count
Income
6.00
8.00
9.00
10.00
11.00
12.00
Amount_Of_Life_Ins
14.00
1
0
0
0
0
0
15.00
0
1
0
0
0
0
20.00
0
0
0
1
0
0
22.00
0
0
0
1
0
0
23.00
0
1
0
0
0
0
24.00
0
0
1
0
0
0
25.00
0
0
0
1
1
0
27.00
0
0
0
0
1
0
29.00
0
0
0
0
1
0
30.00
0
0
0
0
0
1
31.00
0
0
0
0
0
1
32.00
0
0
0
0
0
0
35.00
0
0
0
0
0
0
40.00
0
0
0
0
0
0
44.00
0
0
0
0
0
0
48.00
0
0
0
0
0
0
Total
1
2
1
3
3
2
From this table we can identify that 10 and 11 income groups are the most.so target those peoples.And high income family take high amount of life insurance.
b)
Amount_Of_Life_Ins * Family_Size Crosstabulation
Count
Family_Size
Total
2.00
3.00
4.00
5.00
6.00
7.00
Amount_Of_Life_Ins
14.00
0
1
0
0
0
0
1
15.00
0
1
0
0
0
0
1
20.00
0
1
0
0
0
0
1
22.00
0
1
0
0
0
0
1
23.00
1
0
0
0
0
0
1
24.00
1
0
0
1
0
0
2
25.00
0
0
2
0
0
0
2
27.00
0
0
0
1
0
0
1
29.00
0
1
0
0
0
0
1
30.00
0
1
1
0
1
0
3
31.00
0
0
0
0
1
0
1
32.00
0
1
0
0
0
0
1
35.00
0
0
0
0
0
1
1
40.00
0
1
0
0
0
0
1
44.00
1
0
0
0
0
0
1
48.00
0
0
0
1
0
0
1
Total
3
8
3
3
2
1
20
From this table, we can identify that family size 3 is more
So we can target those family.And maximum 3 who takes the amount of life insurance 30 in this data.
Descriptive Statistics
N
Minimum
Maximum
Mean
Std. Deviation
Income
20
6.00
19.00
12.1000
3.40124
Family_Size
20
2.00
7.00
3.8000
1.43637
Amount_Of_Life_Ins
20
14.00
48.00
28.4000
8.65965
Valid N (listwise)
20
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