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AIC 300 ALL CLAIMS NEWEST 2025 ACTUAL
EXAM COMPLETE 100 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
Accuracy - .....ANSWER ...✔✔ In model
performance evaluation, a model's correct
predictions divided by its total predictions
Actuary - .....ANSWER ...✔✔ A person who uses
mathematical methods to analyze insurance data
for various purposes, such as to develop insurance
rates or set claim reserves
Algorithm - .....ANSWER ...✔✔ An operational
sequence used to solve mathematical problems and
to create computer programs
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Allegation - .....ANSWER ...✔✔ A claim made in
the complaint by the plaintiff, specifying what the
plaintiff expects to prove to obtain a judgement
against the defendant
Average value method - .....ANSWER ...✔✔ A
case reserving method that establishes a
predetermined dollar amount of reserve for each
claim as it is reported
Big data - .....ANSWER ...✔✔ Sets of data that
are too large to be gathered and analyzed by
traditional methods
Blockchain - .....ANSWER ...✔✔ A distributed
digital ledger that facilitates secure transactions
without the need for a third party
Claims representative - .....ANSWER ...✔✔ A
person responsible for investigating, evaluating,
and settling claims
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Classification tree - .....ANSWER ...✔✔ A
supervised learning technique that uses a structure
similar to a tree to segment data according to
known attributes to determine the value of a
categorical target variable
Coinsurance clause - .....ANSWER ...✔✔ A clause
that required the insured to carry insurance equal
to at least a specified percentage of the insured
property's value
Combination of nodes - .....ANSWER ...✔✔ A
representation of data attributes in a classification
tree
Comparative negligence - .....ANSWER ...✔✔ A
common-law principle that requires both parties to
a loss to share the financial burden of the bodily
injury or property damage according to their
respective degrees of fault
, 4|Page
Compensatory damages - .....ANSWER ...✔✔ A
payment awarded by a court to reimburse a victim
for actual harm
Complaint - .....ANSWER ...✔✔ The allegations
made by a plaintiff in a lawsuit
Complex claim - .....ANSWER ...✔✔ A claim that
contains one or more characteristics that cause it to
cost more than the average claim
Concealment - .....ANSWER ...✔✔ An intentional
failure to disclose a material fact
Contributory Negligence - .....ANSWER ...✔✔ A
common-law principle that prevents a person who
has been harmed from recovering damages if that
person's own negligence contributed in any way to
the harm
Cross Industry Standard Process for Data Mining
(CRISP DM) - .....ANSWER ...✔✔ An accepted
AIC 300 ALL CLAIMS NEWEST 2025 ACTUAL
EXAM COMPLETE 100 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
Accuracy - .....ANSWER ...✔✔ In model
performance evaluation, a model's correct
predictions divided by its total predictions
Actuary - .....ANSWER ...✔✔ A person who uses
mathematical methods to analyze insurance data
for various purposes, such as to develop insurance
rates or set claim reserves
Algorithm - .....ANSWER ...✔✔ An operational
sequence used to solve mathematical problems and
to create computer programs
,2|Page
Allegation - .....ANSWER ...✔✔ A claim made in
the complaint by the plaintiff, specifying what the
plaintiff expects to prove to obtain a judgement
against the defendant
Average value method - .....ANSWER ...✔✔ A
case reserving method that establishes a
predetermined dollar amount of reserve for each
claim as it is reported
Big data - .....ANSWER ...✔✔ Sets of data that
are too large to be gathered and analyzed by
traditional methods
Blockchain - .....ANSWER ...✔✔ A distributed
digital ledger that facilitates secure transactions
without the need for a third party
Claims representative - .....ANSWER ...✔✔ A
person responsible for investigating, evaluating,
and settling claims
,3|Page
Classification tree - .....ANSWER ...✔✔ A
supervised learning technique that uses a structure
similar to a tree to segment data according to
known attributes to determine the value of a
categorical target variable
Coinsurance clause - .....ANSWER ...✔✔ A clause
that required the insured to carry insurance equal
to at least a specified percentage of the insured
property's value
Combination of nodes - .....ANSWER ...✔✔ A
representation of data attributes in a classification
tree
Comparative negligence - .....ANSWER ...✔✔ A
common-law principle that requires both parties to
a loss to share the financial burden of the bodily
injury or property damage according to their
respective degrees of fault
, 4|Page
Compensatory damages - .....ANSWER ...✔✔ A
payment awarded by a court to reimburse a victim
for actual harm
Complaint - .....ANSWER ...✔✔ The allegations
made by a plaintiff in a lawsuit
Complex claim - .....ANSWER ...✔✔ A claim that
contains one or more characteristics that cause it to
cost more than the average claim
Concealment - .....ANSWER ...✔✔ An intentional
failure to disclose a material fact
Contributory Negligence - .....ANSWER ...✔✔ A
common-law principle that prevents a person who
has been harmed from recovering damages if that
person's own negligence contributed in any way to
the harm
Cross Industry Standard Process for Data Mining
(CRISP DM) - .....ANSWER ...✔✔ An accepted
