CAS DISC DA
Data-driven decision making - Answer-An organizational process to gather and analyze relevant and
verifiable data and then evaluate the results to guide business strategies.
Metadata - Answer-The data about data that provides context for analyzing transaction facts with
efficient structures for grouping hierarchical information.
Data governance committee - Answer-A cross-functional team that oversees data governance for an
organization to ensure that its data is managed effectively
Data Lineage - Answer-A thorough and systematic data quality process that traces data from its source
to its destination to identify errors, inaccuracies, or inconsistencies.
Quantitative - Answer-Based on numerical values or other units of measurement.
Qualitative - Answer-Based on some quality or characteristic rather than on measured value.
Transactional data - Answer-Quantification of a sequence of events in which an external event causes
changes that are reflected in a database's new records and stored values.
Interval scale measurement - Answer-Numeric expression whose potential values are separated at equal
intervals on a continuum
Ratio scale measurement - Answer-Expression of a value's position on a continuum with other values
relative to zero.
, Snapshot data - Answer-Depiction of a database's contents precisely as they existed at a particular
moment.
Premium - Answer-The price of the insurance coverage provided for a specified period.
Unallocated loss adjustment expense (ULAE) - Answer-Loss adjustment expense that cannot be readily
associated with a specific claim.
Loss adjustment expense (LAE) - Answer-The expense that an insurer incurs to investigate, defend, and
settle claims according to the terms specified in the insurance policy.
Allocated loss adjustment expense (ALAE) - Answer-The expense an insurer incurs to investigate, defend,
and settle claims that are associated with a specific claim.
Salvage - Answer-The process by which an insurer takes possession of damaged property for which it has
paid a total loss and recovers a portion of the loss payment by selling the damaged property.
Subrogation - Answer-The process by which an insurer can, after it has paid a loss under the policy,
recover the amount paid from any party (other than the insured) who caused the loss or is otherwise
legally liable for the loss.
Point of sale - Answer-A seamless transaction, documentation, and payment at the time and place of a
sale.
Statistical agent - Answer-An organization that helps insurers satisfy legal requirements for reporting
data to regulators.
On-level earned premium - Answer-For ratemaking purposes, a calculation of the earned premium that
would result if current rates had been in place for the entire experience period.
Data-driven decision making - Answer-An organizational process to gather and analyze relevant and
verifiable data and then evaluate the results to guide business strategies.
Metadata - Answer-The data about data that provides context for analyzing transaction facts with
efficient structures for grouping hierarchical information.
Data governance committee - Answer-A cross-functional team that oversees data governance for an
organization to ensure that its data is managed effectively
Data Lineage - Answer-A thorough and systematic data quality process that traces data from its source
to its destination to identify errors, inaccuracies, or inconsistencies.
Quantitative - Answer-Based on numerical values or other units of measurement.
Qualitative - Answer-Based on some quality or characteristic rather than on measured value.
Transactional data - Answer-Quantification of a sequence of events in which an external event causes
changes that are reflected in a database's new records and stored values.
Interval scale measurement - Answer-Numeric expression whose potential values are separated at equal
intervals on a continuum
Ratio scale measurement - Answer-Expression of a value's position on a continuum with other values
relative to zero.
, Snapshot data - Answer-Depiction of a database's contents precisely as they existed at a particular
moment.
Premium - Answer-The price of the insurance coverage provided for a specified period.
Unallocated loss adjustment expense (ULAE) - Answer-Loss adjustment expense that cannot be readily
associated with a specific claim.
Loss adjustment expense (LAE) - Answer-The expense that an insurer incurs to investigate, defend, and
settle claims according to the terms specified in the insurance policy.
Allocated loss adjustment expense (ALAE) - Answer-The expense an insurer incurs to investigate, defend,
and settle claims that are associated with a specific claim.
Salvage - Answer-The process by which an insurer takes possession of damaged property for which it has
paid a total loss and recovers a portion of the loss payment by selling the damaged property.
Subrogation - Answer-The process by which an insurer can, after it has paid a loss under the policy,
recover the amount paid from any party (other than the insured) who caused the loss or is otherwise
legally liable for the loss.
Point of sale - Answer-A seamless transaction, documentation, and payment at the time and place of a
sale.
Statistical agent - Answer-An organization that helps insurers satisfy legal requirements for reporting
data to regulators.
On-level earned premium - Answer-For ratemaking purposes, a calculation of the earned premium that
would result if current rates had been in place for the entire experience period.
