AIC 300 CLAIMS IN AN EVOLVING WORLD
CLOSING SCRIPT UPDATED QUESTIONS
AND ANSWERS VIEW AHEAD PREP
MATERIAL SOLVED
⩥ 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
⩥ 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
⩥ 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
⩥ 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 standard for the steps in any data mining process
used to provide business solutions
⩥ Data mining.
Answer: The analysis of large amounts of data to find new relationships
and patterns that will assist in developing business solutions
⩥ Data science.
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
⩥ Direct loss.
Answer: A reduction in the value of property that results directly and
often immediately from damage to that property
⩥ Discovery.
Answer: A pretrial exchange of all relevant information between the
plaintiff and defendant
⩥ Domain knowledge.
Answer: Information related to the context of the information a data
scientist is working with
CLOSING SCRIPT UPDATED QUESTIONS
AND ANSWERS VIEW AHEAD PREP
MATERIAL SOLVED
⩥ 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
⩥ 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
⩥ 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
⩥ 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 standard for the steps in any data mining process
used to provide business solutions
⩥ Data mining.
Answer: The analysis of large amounts of data to find new relationships
and patterns that will assist in developing business solutions
⩥ Data science.
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
⩥ Direct loss.
Answer: A reduction in the value of property that results directly and
often immediately from damage to that property
⩥ Discovery.
Answer: A pretrial exchange of all relevant information between the
plaintiff and defendant
⩥ Domain knowledge.
Answer: Information related to the context of the information a data
scientist is working with
