Which of the following is not an assumption or a characteristic of a Markov Process?
A) The transition probabilities are the same for any customer.
B) The transition probabilities will remain constant over time.
C) The probability of being in a particular state at any one time period depends only on the state immediately preceding it.
D) In a transition matrix, sum of the row probabilities must sum to one.
E) In a transition matrix, sum of the column probabilities must sum to one.
Answer: E
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Which statement is false under a Homeowners Policy?
A) The personal property replacement cost endorsement may be added to cover the contents on a replacement cost basis. B) The scheduled personal property endorsement provides open peril coverage. C) Theft of silverware is covered up to $2,500. D) Money is covered up to $500 per occurrence.
The purpose of a preventive (or pre-control) is to prevent
a. existing problems from escalating. b. problems caused by a deviation from performance. c. feedback controls from creating damage. d. quality standards from being too demanding.