CPCU 550 Exam Questions and Answers
(CPCU 550 Flashcard Set)
Data Science - -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.
- Big data - -Sets of data that are too large to be gathered and analyzed by
traditional methods.
- Data-driven decision making - -An organizational process to gather and
analyze relevant and verifiable data and then evaluate the results to guide
business strategies.
- 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.
- Telematics - -The use of technological devices in vehicles with wireless
communication and GPS tracking that transmit data to businesses or
government agencies; some return information for the driver.
- Text mining - -Obtaining information through language recognition.
- Data mining - -The analysis of large amounts of data to find new
relationships and patterns that will assist in developing business solutions.
- Actuary - -A person who uses mathematical methods to analyze insurance
data for various purposes, such as to develop insurance rates or set claim
reserves.
- Domain knowledge - -Information related to the context of the information
a data scientist is working with.
- Structured data - -Data organized into databases with defined fields,
including links between databases
- Unstructured data - -Data that is not organized into predetermined
formats, such as databases, and often consists of text, images, or other
nontraditional media
- Premium - -The price of the insurance coverage provided for a specified
period.
, - Loss adjustment expense (LAE) - -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) - -The expense an insurer incurs
to investigate, defend, and settle claims that are associated with a specific
claim.
- Unallocated loss adjustment expense (ULAE) - -Loss adjustment expense
that cannot be readily associated with a specific claim.
- Salvage - -The process by which an insurer takes possession of damaged
property for which it has paid a total loss and recovers a portion of the loss
payment by selling the damaged property.
- 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
- Text mining - -The analysis of text for classification and prediction
- Point of sale - -A seamless transaction, documentation, and payment at
the time and place of a sale
- Classification tree - -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.
- Regression analysis - -A statistical technique that is used to estimate
relationships between variables.
- Cluster analysis - -A model that determines previously unknown groupings
of data.
- Node - -A representation of a data attribute.
- Arrow - -A pathway in a classification tree.
- Leaf node - -A terminal node of a classification tree that is used to classify
an instance based on its attributes.
- Target variable - -The predefined attribute whose value is being predicted
in a data analytical model.
- Linear regression - -A statistical method to predict the numerical value of
a target variable based on the values of explanatory variables.
(CPCU 550 Flashcard Set)
Data Science - -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.
- Big data - -Sets of data that are too large to be gathered and analyzed by
traditional methods.
- Data-driven decision making - -An organizational process to gather and
analyze relevant and verifiable data and then evaluate the results to guide
business strategies.
- 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.
- Telematics - -The use of technological devices in vehicles with wireless
communication and GPS tracking that transmit data to businesses or
government agencies; some return information for the driver.
- Text mining - -Obtaining information through language recognition.
- Data mining - -The analysis of large amounts of data to find new
relationships and patterns that will assist in developing business solutions.
- Actuary - -A person who uses mathematical methods to analyze insurance
data for various purposes, such as to develop insurance rates or set claim
reserves.
- Domain knowledge - -Information related to the context of the information
a data scientist is working with.
- Structured data - -Data organized into databases with defined fields,
including links between databases
- Unstructured data - -Data that is not organized into predetermined
formats, such as databases, and often consists of text, images, or other
nontraditional media
- Premium - -The price of the insurance coverage provided for a specified
period.
, - Loss adjustment expense (LAE) - -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) - -The expense an insurer incurs
to investigate, defend, and settle claims that are associated with a specific
claim.
- Unallocated loss adjustment expense (ULAE) - -Loss adjustment expense
that cannot be readily associated with a specific claim.
- Salvage - -The process by which an insurer takes possession of damaged
property for which it has paid a total loss and recovers a portion of the loss
payment by selling the damaged property.
- 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
- Text mining - -The analysis of text for classification and prediction
- Point of sale - -A seamless transaction, documentation, and payment at
the time and place of a sale
- Classification tree - -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.
- Regression analysis - -A statistical technique that is used to estimate
relationships between variables.
- Cluster analysis - -A model that determines previously unknown groupings
of data.
- Node - -A representation of a data attribute.
- Arrow - -A pathway in a classification tree.
- Leaf node - -A terminal node of a classification tree that is used to classify
an instance based on its attributes.
- Target variable - -The predefined attribute whose value is being predicted
in a data analytical model.
- Linear regression - -A statistical method to predict the numerical value of
a target variable based on the values of explanatory variables.
