AINS 103 QUESTIONS AND ANSWERS RATED A+
✔✔Fraud - ✔✔An intentional misrepresentation resulting in harm to a person or an
organization.
✔✔Subrogation - ✔✔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.
✔✔Process mining - ✔✔The use of exploratory data analysis to provide insights about a
business process and identify potential improvements.
✔✔Supply chain - ✔✔The network of external stakeholders on which an organization
relies for goods and services.
✔✔Loss exposure - ✔✔Any condition or situation that presents a possibility of loss,
whether or not an actual loss occurs.
✔✔Risk management - ✔✔The process of making and implementing decisions that
enable an organization to optimize its level of risk.
✔✔Enterprise risk management - ✔✔An approach to managing all of an organization's
key business risks and opportunities with the intent of maximizing shareholder value.
✔✔Catastrophe model - ✔✔A type of computer program that estimates losses from
future potential catastrophic events.
✔✔Predictive modeling - ✔✔A process in which historical data based on behaviors and
events is blended with multiple variables and used to construct models of anticipated
future outcomes.
✔✔Artificial intelligence (AI) - ✔✔Computer processing or output that simulates human
reasoning or knowledge.
✔✔Fraud - ✔✔An intentional misrepresentation resulting in harm to a person or an
organization.
✔✔Subrogation - ✔✔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.
✔✔Process mining - ✔✔The use of exploratory data analysis to provide insights about a
business process and identify potential improvements.
✔✔Supply chain - ✔✔The network of external stakeholders on which an organization
relies for goods and services.
✔✔Loss exposure - ✔✔Any condition or situation that presents a possibility of loss,
whether or not an actual loss occurs.
✔✔Risk management - ✔✔The process of making and implementing decisions that
enable an organization to optimize its level of risk.
✔✔Enterprise risk management - ✔✔An approach to managing all of an organization's
key business risks and opportunities with the intent of maximizing shareholder value.
✔✔Catastrophe model - ✔✔A type of computer program that estimates losses from
future potential catastrophic events.
✔✔Predictive modeling - ✔✔A process in which historical data based on behaviors and
events is blended with multiple variables and used to construct models of anticipated
future outcomes.
✔✔Artificial intelligence (AI) - ✔✔Computer processing or output that simulates human
reasoning or knowledge.
