AIDA 181 QUESTIONS AND ANSWERS
The purpose of data analytics for insurers is to - Answers - Make data-driven decisions
and strategy
Technology that can assist adjusters in evaluating claims after catastrophes is -
Answers - Drones
The most important reason for risk management and insurance professionals to learn
about data analytics is - Answers - Because big data and technology are central to the
insurance industry
Which one of the following is correct regarding an insurer's big data? - Answers - An
insurer's big data consists of both its own internal data and external data
Which one of the following is correct about data science? - Answers - Data science is
a new field that arose from the need to link big data and technology to provide useful
information
Which of the following correctly describes the stage of Big Data 2.0 in insurance and
risk management? - Answers - Organizations can obtain vast amounts of information
rapidly to develop useful knowledge
Which one of the following is correct regarding insurers' and risk managers' internal
data? - Answers - Insurers and risk managers have vast quantities of internal data they
have not used
Which one of the following is a legal and regulatory concern in obtaining mass
information from social media? - Answers - Privacy
Which one of the following is a characteristic that differentiates big data from traditional
data? - Answers - Velocity
In order to be useful, data should be - Answers - Structured or unstructured
Data science is especially useful for - Answers - Unstructured data
Big data includes - Answers - Both structured and unstructured data
Tania works in the fraud unit for Greatview Insurance. There is a claimant who appears
to be involved in multiple cases of insurance fraud. Tania decides to use social media to
obtain information that may be used to develop a profile of the claimant. Tania's use of
social media is an example of which one of the following types of data? - Answers -
Unstructured external
, A project team at Goshen Mutual has been working on developing a new product for the
personal insurance market. The team is using geodemographic data to determine which
territories would be the best to introduce the product. Geodemographic data would be
categorized as - Answers - Structured external data
Quality data is - Answers - Accurate, appropriate, reasonable, and comprehensive
relative to given use
If an insurer has inaccurate data, it can affect - Answers - The insurer's financial
results and the entire insurance industry
An example of metadata is - Answers - A statistical plan
Which one of the following methods can be used to find inaccurate or missing
quantitative data? - Answers - Descriptive statistics
Insurance data is - Answers - Both quantitative and categorical data
Which one of the following methods can be used to identify inaccuracies and omissions
in categorical data? - Answers - Data cubes
Which one of the following is a data mining technique an insurer applies when it knows
what information it wants to predict? - Answers - Classification
Which one of the following correctly describes classification? - Answers - Classification
assigns members of a dataset into categories based on known charactersitics
The first step in the data mining process is to - Answers - Understand what a business
wants to achieve
Which one of the following can be applied over time to refine a model to better predict
results? - Answers - Machine learning
Which one of the following correctly describes cluster analysis? - Answers - Cluster
analysis explores data to find groups with common and previously unknown
characteristics
Which one of the following is a data mining technique? - Answers - Classification
Through data mining, Goshen Mutual discovers that customers who insure two or more
vehicles on a personal auto policy are very likely to buy a personal umbrella policy.
Algorithms are then used to identify potential customers who might be interested in
purchasing both personal auto and umbrella policies. Which one of the following data
mining techniques did Goshen Mutual use? - Answers - Association rule learning
The purpose of data analytics for insurers is to - Answers - Make data-driven decisions
and strategy
Technology that can assist adjusters in evaluating claims after catastrophes is -
Answers - Drones
The most important reason for risk management and insurance professionals to learn
about data analytics is - Answers - Because big data and technology are central to the
insurance industry
Which one of the following is correct regarding an insurer's big data? - Answers - An
insurer's big data consists of both its own internal data and external data
Which one of the following is correct about data science? - Answers - Data science is
a new field that arose from the need to link big data and technology to provide useful
information
Which of the following correctly describes the stage of Big Data 2.0 in insurance and
risk management? - Answers - Organizations can obtain vast amounts of information
rapidly to develop useful knowledge
Which one of the following is correct regarding insurers' and risk managers' internal
data? - Answers - Insurers and risk managers have vast quantities of internal data they
have not used
Which one of the following is a legal and regulatory concern in obtaining mass
information from social media? - Answers - Privacy
Which one of the following is a characteristic that differentiates big data from traditional
data? - Answers - Velocity
In order to be useful, data should be - Answers - Structured or unstructured
Data science is especially useful for - Answers - Unstructured data
Big data includes - Answers - Both structured and unstructured data
Tania works in the fraud unit for Greatview Insurance. There is a claimant who appears
to be involved in multiple cases of insurance fraud. Tania decides to use social media to
obtain information that may be used to develop a profile of the claimant. Tania's use of
social media is an example of which one of the following types of data? - Answers -
Unstructured external
, A project team at Goshen Mutual has been working on developing a new product for the
personal insurance market. The team is using geodemographic data to determine which
territories would be the best to introduce the product. Geodemographic data would be
categorized as - Answers - Structured external data
Quality data is - Answers - Accurate, appropriate, reasonable, and comprehensive
relative to given use
If an insurer has inaccurate data, it can affect - Answers - The insurer's financial
results and the entire insurance industry
An example of metadata is - Answers - A statistical plan
Which one of the following methods can be used to find inaccurate or missing
quantitative data? - Answers - Descriptive statistics
Insurance data is - Answers - Both quantitative and categorical data
Which one of the following methods can be used to identify inaccuracies and omissions
in categorical data? - Answers - Data cubes
Which one of the following is a data mining technique an insurer applies when it knows
what information it wants to predict? - Answers - Classification
Which one of the following correctly describes classification? - Answers - Classification
assigns members of a dataset into categories based on known charactersitics
The first step in the data mining process is to - Answers - Understand what a business
wants to achieve
Which one of the following can be applied over time to refine a model to better predict
results? - Answers - Machine learning
Which one of the following correctly describes cluster analysis? - Answers - Cluster
analysis explores data to find groups with common and previously unknown
characteristics
Which one of the following is a data mining technique? - Answers - Classification
Through data mining, Goshen Mutual discovers that customers who insure two or more
vehicles on a personal auto policy are very likely to buy a personal umbrella policy.
Algorithms are then used to identify potential customers who might be interested in
purchasing both personal auto and umbrella policies. Which one of the following data
mining techniques did Goshen Mutual use? - Answers - Association rule learning
