Test Exam Guide for AIDA 181 Final Questions and Verified Answers

A project team at Goshen Mutual has been working on developing a new product for the personal insurance market. The team is using geodemographic data to determine which territories would be the best to introduce the product. Geodemographic data would be categorized as - CORRECT ANSWER-Structured external data An example of metadata is - CORRECT ANSWER-A statistical plan Big data includes - CORRECT ANSWER-Both structured and unstructured data Data science is especially useful for - CORRECT ANSWER-Unstructured data Durham Insurance insures many trucking operations and has a large database of loss experience. It wants to know how many hours a driver can drive without taking a break before the likelihood of having an accident increases. Which one of the following data mining techniques would an analyst use to predict the number of hours? - CORRECT ANSWER-Regression analysis Galliano Insurance Agency knows that it is most likely to retain - CORRECT ANSWER- Greatview Insurance wants to predict which auto liability claims will most likely go to litigation, so it can assign them to experienced adjusters early in the process. There are certain known indicators of litigation that Greatview wants to use in the data mining process. Which one of the following data mining techniques would Greatview's analyst most likely use? - CORRECT ANSWER-Classification If an insurer has inaccurate data, it can affect - CORRECT ANSWER-The insurer's financial results and the entire insurance industry In order to be useful, data should be - CORRECT ANSWER-Structured or unstructured Insurance data is - CORRECT ANSWER-Both quantitative and categorical data Quality data is - CORRECT ANSWER-Accurate, appropriate, reasonable, and comprehensive relative to given use Tania works in the fraud unit for Greatview Insurance. There is a claimant who appears to be involved in multiple cases of insurance fraud. Tania decides to use social media to obtain information that may be used to develop a profile of the claimant. Tania's use of social media is an example of which one of the following types of data? - CORRECT ANSWER-Unstructured external Technology that can assist adjusters in eva