AIDA 181 - Big Data Analytics for Risk
and Insurance with 100% complete
solutions
big data - correct answer ✔✔Sets of data that are too large to be gathered and analyzed by
traditional methods.
law of large numbers - correct answer ✔✔A mathematical principle stating that as the number
of similar but independent exposure units increases, the relative accuracy of predictions about
future outcomes (losses) also increases.
data mining - correct answer ✔✔The analysis of large amounts of data to find new relationships
and patterns that will assist in developing business solutions.
text mining - correct answer ✔✔Obtaining information through language recognition; the
analysis of text for classification and prediction
telematics - correct answer ✔✔The use of technological devices in vehicles with wireless
communication and GPS tracking that transmit data to businesses or government agencies;
some return information for the driver.
Internet of Things (IoT) - correct answer ✔✔A network of objects that transmit data to and
from each other without human interaction
machine learning - correct answer ✔✔artificial intelligence in which computers continually
teach themselves to make better decisions based on previous results and new data
,artificial intelligence - correct answer ✔✔computer processing or output that simulates human
reasoning or knowledge
data science - correct answer ✔✔An interdisciplinary field involving the design and use of
techniques to process very large amounts of data from a variety of sources and to provide
knowledge based on the data.
structured data - correct answer ✔✔Data organized into databases with defined fields,
including links between databases.
unstructured data - correct answer ✔✔Data that is not organized into predetermined formats,
such as databases, and often consists of text, images, or other nontraditional media.
internal data - correct answer ✔✔data that is owned by an organization
external data - correct answer ✔✔data that belongs to an entity other than the organization
that wishes to acquire and use it
economic data - correct answer ✔✔Data regarding interest rates, asset prices, exchange rates,
the Consumer Price Index, and other information about the global, the national, or a regional
economy.
geodemographic data - correct answer ✔✔data regarding classifications of a population
algorithm - correct answer ✔✔an operational sequence used to solve mathematical problems
and to create computer programs
Cross Industry Standard Process for Data Mining (CRISP-DM) - correct answer ✔✔an accepted
standard for the steps in any data mining process used to provide business solutions
, domain knowledge - correct answer ✔✔Information related to the context of the information a
data scientist is working with.
data-driven decision making - correct answer ✔✔An organizational process to gather and
analyze relevant and verifiable data and then evaluate the results to guide business strategies.
descriptive decision making - correct answer ✔✔applied when an insurer or risk manager has a
specific problem that could be solved through data science
predictive decision making - correct answer ✔✔provides a method that can be used repeatedly
to provide information for data-driven decision making by human, computers, or both
malware - correct answer ✔✔any software intentionally designed to cause damage to a
computer, server, client or computer network
ransomware - correct answer ✔✔type of malware serving as cyber extortion for financial gains
supervised learning - correct answer ✔✔A type of model creation, derived from the field of
machine learning, in which the target variable is defined.
unsupervised learning - correct answer ✔✔A type of model creation, derived from the field of
machine learning, that does not have a defined target variable.
predictive model - correct answer ✔✔a model used to predict an unknown outcome by means
of a defined target variable
descriptive model - correct answer ✔✔a model used to study and find relationships within data
and Insurance with 100% complete
solutions
big data - correct answer ✔✔Sets of data that are too large to be gathered and analyzed by
traditional methods.
law of large numbers - correct answer ✔✔A mathematical principle stating that as the number
of similar but independent exposure units increases, the relative accuracy of predictions about
future outcomes (losses) also increases.
data mining - correct answer ✔✔The analysis of large amounts of data to find new relationships
and patterns that will assist in developing business solutions.
text mining - correct answer ✔✔Obtaining information through language recognition; the
analysis of text for classification and prediction
telematics - correct answer ✔✔The use of technological devices in vehicles with wireless
communication and GPS tracking that transmit data to businesses or government agencies;
some return information for the driver.
Internet of Things (IoT) - correct answer ✔✔A network of objects that transmit data to and
from each other without human interaction
machine learning - correct answer ✔✔artificial intelligence in which computers continually
teach themselves to make better decisions based on previous results and new data
,artificial intelligence - correct answer ✔✔computer processing or output that simulates human
reasoning or knowledge
data science - correct answer ✔✔An interdisciplinary field involving the design and use of
techniques to process very large amounts of data from a variety of sources and to provide
knowledge based on the data.
structured data - correct answer ✔✔Data organized into databases with defined fields,
including links between databases.
unstructured data - correct answer ✔✔Data that is not organized into predetermined formats,
such as databases, and often consists of text, images, or other nontraditional media.
internal data - correct answer ✔✔data that is owned by an organization
external data - correct answer ✔✔data that belongs to an entity other than the organization
that wishes to acquire and use it
economic data - correct answer ✔✔Data regarding interest rates, asset prices, exchange rates,
the Consumer Price Index, and other information about the global, the national, or a regional
economy.
geodemographic data - correct answer ✔✔data regarding classifications of a population
algorithm - correct answer ✔✔an operational sequence used to solve mathematical problems
and to create computer programs
Cross Industry Standard Process for Data Mining (CRISP-DM) - correct answer ✔✔an accepted
standard for the steps in any data mining process used to provide business solutions
, domain knowledge - correct answer ✔✔Information related to the context of the information a
data scientist is working with.
data-driven decision making - correct answer ✔✔An organizational process to gather and
analyze relevant and verifiable data and then evaluate the results to guide business strategies.
descriptive decision making - correct answer ✔✔applied when an insurer or risk manager has a
specific problem that could be solved through data science
predictive decision making - correct answer ✔✔provides a method that can be used repeatedly
to provide information for data-driven decision making by human, computers, or both
malware - correct answer ✔✔any software intentionally designed to cause damage to a
computer, server, client or computer network
ransomware - correct answer ✔✔type of malware serving as cyber extortion for financial gains
supervised learning - correct answer ✔✔A type of model creation, derived from the field of
machine learning, in which the target variable is defined.
unsupervised learning - correct answer ✔✔A type of model creation, derived from the field of
machine learning, that does not have a defined target variable.
predictive model - correct answer ✔✔a model used to predict an unknown outcome by means
of a defined target variable
descriptive model - correct answer ✔✔a model used to study and find relationships within data
