A manager for an insurance company believes that customers have the following pr

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A manager for an insurance company believes that customers have the following preferences for life insurance products: 20%20% prefer Whole Life, 40%40prefer Universal Life, and 40%40 prefer Life Annuities. The results of a survey of 251251 customers were tabulated. Is it possible to refute the sales manager's claimed proportions of customers who prefer each product using the data?

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What does the null hypothesis indicate about the proportions of customers who prefer each insurance product?

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The proportions of customers who prefer each insurance product are all thought to be equal.
The proportions of customers who prefer each insurance product are different for each category (and equal to the previously accepted values).

Explanation / Answer

Q ) What does the null hypothesis indicate about the proportions of customers who prefer each insurance product?

Answer: Null Hypothesis H0: The proportions of customers who prefer each insurance product are all thought to be equal.

H0: p1 = 0.20, p2 = 0.40, p3 = 0.40

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