AIC 300 exam
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Indemnify
To restore a party who has sustained a loss to the same
financial position that party held before the loss occurred
Indirect loss
A loss that arises as a result of damage to property, other than
the direct loss to the property
Individual case method
A method of setting reserves based on the claim's
circumstances and the claims representative's experience in
handling similar claims
Information gain
A measure of the predictive power of one or more attributes
Insurable interest
,An interest in the subject of an insurance policy that is not
unduly remote and that would cause the interested party to
suffer financial loss if an insured event occurred
Insurance fraud
Any deliberate deception committed against an insurer or an
insurance producer for the purpose of unwarranted financial
gain
Internet of Things (IoT)
A network of objects that transmit data to each other and to
central hubs through the internet
Leaf node
A terminal node of a classification tree that is used to classify
an instance based on its attributes
Lift
In model performance evaluation, the percentage of positive
predictions made by the model divided by the percentage of
positive predictions that would be made in the absence of the
model
Loss adjustment expense (LAE)
,The expense that an insurer incurs to investigate, defend, and
settle claims according to the terms specified in the insurance
policy
Loss ratio
A ratio that measures losses and loss adjustment expenses
against earned premiums and that reflects the percentage of
premiums being consumed by losses
Machine learning
Artificial intelligence in which computers continually teach
themselves to make better decisions based on previous results
and new data
Material fact
A fact that is significant to a decision or matter at hand
Misrepresentation
A false statement of a material fact on which a party relies
Motion to dismiss
A request that a court terminate an action because of
settlement, voluntary withdrawal, or procedural defect
, Motion in limine
A pretrial request that certain evidence be excluded from the
trial
Motion for summary judgment
A pretrial request asking the court to enter a judgement when
no material facts are in dispute and the moving party is entitled
to judgment as a matter of law
Precision
In model performance evaluation, a model's correct positive
predictions divided by its total positive predictions
Predictive model
A model used to predict an unknown outcome by means of a
defined target variable
Premium Audit
Methodical examination of a policyholder's operations, records,
and books of account to determine the actual exposure units
and premium for insurance coverages already provided
study set with 100% verified solutions-
personalized success 2025
Indemnify
To restore a party who has sustained a loss to the same
financial position that party held before the loss occurred
Indirect loss
A loss that arises as a result of damage to property, other than
the direct loss to the property
Individual case method
A method of setting reserves based on the claim's
circumstances and the claims representative's experience in
handling similar claims
Information gain
A measure of the predictive power of one or more attributes
Insurable interest
,An interest in the subject of an insurance policy that is not
unduly remote and that would cause the interested party to
suffer financial loss if an insured event occurred
Insurance fraud
Any deliberate deception committed against an insurer or an
insurance producer for the purpose of unwarranted financial
gain
Internet of Things (IoT)
A network of objects that transmit data to each other and to
central hubs through the internet
Leaf node
A terminal node of a classification tree that is used to classify
an instance based on its attributes
Lift
In model performance evaluation, the percentage of positive
predictions made by the model divided by the percentage of
positive predictions that would be made in the absence of the
model
Loss adjustment expense (LAE)
,The expense that an insurer incurs to investigate, defend, and
settle claims according to the terms specified in the insurance
policy
Loss ratio
A ratio that measures losses and loss adjustment expenses
against earned premiums and that reflects the percentage of
premiums being consumed by losses
Machine learning
Artificial intelligence in which computers continually teach
themselves to make better decisions based on previous results
and new data
Material fact
A fact that is significant to a decision or matter at hand
Misrepresentation
A false statement of a material fact on which a party relies
Motion to dismiss
A request that a court terminate an action because of
settlement, voluntary withdrawal, or procedural defect
, Motion in limine
A pretrial request that certain evidence be excluded from the
trial
Motion for summary judgment
A pretrial request asking the court to enter a judgement when
no material facts are in dispute and the moving party is entitled
to judgment as a matter of law
Precision
In model performance evaluation, a model's correct positive
predictions divided by its total positive predictions
Predictive model
A model used to predict an unknown outcome by means of a
defined target variable
Premium Audit
Methodical examination of a policyholder's operations, records,
and books of account to determine the actual exposure units
and premium for insurance coverages already provided
