AIDA 182 COMPREHENSIVE EXAM STUDY
GUIDE COMPLETE QUESTIONS AND
SOLUTIONS
●● 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.
●● quantitative
Answer: based on numerical values or other units of measurement
●● qualitative
Answer: based on some quality or characteristic rather than on measured
value
●● structured data
Answer: data organized into databased with defined fields, including
links between databases
●● telematics
Answer: the use of technological devices to transmit data via wireless
communication and GPS tracking
, ●● unstructured data
Answer: data that is not organized into predetermined formats, such as
databases, and often consists of text, images, or other nontraditional
media
●● internal data
Answer: data that is owned by an organization
●● metadata
Answer: the data about data that provides context for analyzing
transaction facts with efficient structures for grouping hierarchial
information
●● underwriting expenses
Answer: costs incurred by an insurer for operations, taxes, fees, and the
acquisition of new policies
●● 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.
GUIDE COMPLETE QUESTIONS AND
SOLUTIONS
●● 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.
●● quantitative
Answer: based on numerical values or other units of measurement
●● qualitative
Answer: based on some quality or characteristic rather than on measured
value
●● structured data
Answer: data organized into databased with defined fields, including
links between databases
●● telematics
Answer: the use of technological devices to transmit data via wireless
communication and GPS tracking
, ●● unstructured data
Answer: data that is not organized into predetermined formats, such as
databases, and often consists of text, images, or other nontraditional
media
●● internal data
Answer: data that is owned by an organization
●● metadata
Answer: the data about data that provides context for analyzing
transaction facts with efficient structures for grouping hierarchial
information
●● underwriting expenses
Answer: costs incurred by an insurer for operations, taxes, fees, and the
acquisition of new policies
●● 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.
