CPCU 550
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.
Big data - Answer-Sets of data that are too large to be gathered and analyzed by traditional methods.
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.
Predictive modeling - Answer-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 - Answer-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 - Answer-Obtaining information through language recognition.
Data mining - Answer-The analysis of large amounts of data to find new relationships and patterns that
will assist in developing business solutions.
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.
, Domain knowledge - Answer-Information related to the context of the information a data scientist is
working with.
Structured data - Answer-Data organized into databases with defined fields, including links between
databases
Unstructured data - Answer-Data that is not organized into predetermined formats, such as databases,
and often consists of text, images, or other nontraditional media
Premium - Answer-The price of the insurance coverage provided for a specified period.
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.
Unallocated loss adjustment expense (ULAE) - Answer-Loss adjustment expense that cannot be readily
associated with a specific claim.
Salvage - Answer-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 - Answer-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 - Answer-The analysis of text for classification and prediction
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.
Big data - Answer-Sets of data that are too large to be gathered and analyzed by traditional methods.
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.
Predictive modeling - Answer-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 - Answer-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 - Answer-Obtaining information through language recognition.
Data mining - Answer-The analysis of large amounts of data to find new relationships and patterns that
will assist in developing business solutions.
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.
, Domain knowledge - Answer-Information related to the context of the information a data scientist is
working with.
Structured data - Answer-Data organized into databases with defined fields, including links between
databases
Unstructured data - Answer-Data that is not organized into predetermined formats, such as databases,
and often consists of text, images, or other nontraditional media
Premium - Answer-The price of the insurance coverage provided for a specified period.
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.
Unallocated loss adjustment expense (ULAE) - Answer-Loss adjustment expense that cannot be readily
associated with a specific claim.
Salvage - Answer-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 - Answer-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 - Answer-The analysis of text for classification and prediction
