stratified random sampling technique

stratified random sampling technique

SECTION a

In consideration of the overall research type of insurance department, there are a lot of methods that have been used extensively in this case. Thus among all these methods, one such way that has been chosen for targeting the insurance policyholders of the market is known as the stratified random sampling method. Not this method has been used since it is seen over time is that a lot of customers are switching over to other companies. Hence it is considered to be a loss for the current insurance holding companies. Therefore it is essential to ask about their overall viewpoints regarding this switching over technique and how the same can be affecting the global business market as a whole (Thistle et al.2019)

Therefore the stratified random sampling technique had been used in this regard to target the sub policy members. Moreover, in case of understanding the overall survey design concept, the stratified random sampling technique has been able to understand the whole business viewpoint based on the insurance holding aspect and had also been highly effective towards understanding the concept of switching off (Hassanzade et al.2020). Moreover, the significant policyholders of the company have also been able to understand what sort of market is to be targeted and what the differences are (Massey and Langford 2019).

Section B

The calculation of sample size will be measured by using the following formula is as follows-

Necessary sample size= (z- score)^2*stDev^*(1-steel)/(margin of error)²

Here in the given question, the overall calculation size in 100000 and the confidence level collected thus far is at 95 percent, and the error of margin is also calculated at 5 percent. Hence if the total calculation is done based on the overall formula, then the resultant value will show at 383.

On the other hand, to meet the stage, there are a lot of areas where this aspect can be implemented. This is as follows-

• The distributed database is collected based on the normal distribution and simple means.
• The confidence level applied is based on the sample mean.

Section c

Are you insured                                                       yes/no

How many insurance policies do you have         1. One, 2.two 3. More than two, 4. Nil

For what have you protected 1. For saving, 2. For covering life risk, 3. For tax benefits

, what is the term of the policy                                1. Up to 5 years, 2. Up to 10 years, 3. More than ten years

References

Massey, R., and Langford, B., 2019. Farm liability insurance.

Thistle, P., Laczniak, G., and Nill, A., 2019. The Use of Genetic Testing Information in the Insurance Industry: An Ethical and Societal Analysis of Public Policy Options.

Hassanzadeh, C., Roach, M., Rich, K., Karraker, P., Robinson, C., Michalski, J., Perkins, S., Huang, J., Tsien, C. and Abraham, C., 2020. Adherence of United States Insurance Payer Policies to American Society of Radiation Oncology (ASTRO) Stereotactic Radiosurgery (SRS) Model Policy. Practical Radiation Oncology.