AIIM Certified Insurance Market Research
Analyst CIMRA Exam
Question 245.Which of the following is a primary advantage of using open‑source statistical
libraries (e.g., R, Python) for insurance market‑research modelling?
A) Unlimited free access to proprietary actuarial tables
B) Rapid prototyping, extensive community‑driven packages, and cost‑effective scalability
C) Automatic compliance with all global data‑privacy regulations
D) Built‑in guarantee of model accuracy without validation
Answer: B
Explanation: Open‑source ecosystems provide a rich set of libraries for data manipulation,
statistical analysis, and machine‑learning, enabling analysts to build and iterate models quickly
while avoiding expensive software licences.
Question 246.Which of the following best illustrates “price elasticity” when a 12% increase in
premium for a pet‑insurance product leads to a 24% drop in enrollment?
A) Inelastic demand
B) Elastic demand
C) Unit‑elastic demand
D) Perfectly inelastic demand
Answer: B
Explanation: Elastic demand occurs when the percentage change in quantity demanded exceeds
the percentage change in price (|24%| > |12%|), indicating high sensitivity to price.
Question 247.Which key risk indicator (KRI) would most directly signal emerging cyber‑risk
exposure in an insurer’s digital platform?
A) Number of new policies sold per month
B) Frequency of successful phishing or malware attempts detected on internal systems
Analyst CIMRA Exam
Question 245.Which of the following is a primary advantage of using open‑source statistical
libraries (e.g., R, Python) for insurance market‑research modelling?
A) Unlimited free access to proprietary actuarial tables
B) Rapid prototyping, extensive community‑driven packages, and cost‑effective scalability
C) Automatic compliance with all global data‑privacy regulations
D) Built‑in guarantee of model accuracy without validation
Answer: B
Explanation: Open‑source ecosystems provide a rich set of libraries for data manipulation,
statistical analysis, and machine‑learning, enabling analysts to build and iterate models quickly
while avoiding expensive software licences.
Question 246.Which of the following best illustrates “price elasticity” when a 12% increase in
premium for a pet‑insurance product leads to a 24% drop in enrollment?
A) Inelastic demand
B) Elastic demand
C) Unit‑elastic demand
D) Perfectly inelastic demand
Answer: B
Explanation: Elastic demand occurs when the percentage change in quantity demanded exceeds
the percentage change in price (|24%| > |12%|), indicating high sensitivity to price.
Question 247.Which key risk indicator (KRI) would most directly signal emerging cyber‑risk
exposure in an insurer’s digital platform?
A) Number of new policies sold per month
B) Frequency of successful phishing or malware attempts detected on internal systems
