Aida 181 - Study guides, Class notes & Summaries
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AIDA 181 - Assignment 4 - Applying Traditional Analysis Techniques 4.1 to 4.4c Questions Perfectly Answered
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What is exploratory data analysis? - Answer-Approach to understanding data before modeling. 
What techniques are used in exploratory data analysis? - Answer-Charts and graphs to show data 
patterns and correlations. 
What is a scatter plot? - Answer-Two-dimensional plot showing relationship between two attributes. 
What is a bubble plot? - Answer-Scatter plot with bubble size representing a third attribute. 
How can exploratory data analysis help with a business problem? - Answer-Provides basic ...
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AIDA 181 - Assignment 1 - Exploring Big Data Analysis - 1.1 to 1.3 (Shyam) Questions And Answers Solved 100% Correct!!
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What is the objective of studying big data and technology in risk management and insurance? - AnswerTo explain how they influence risk management and insurance strategy. 
How does data allow insurers to provide coverage for a variety of risk exposures? - Answer-Through the 
law of large numbers and analyzing large numbers of claims. 
Why do claims or underwriting professionals study data analytics? - Answer-To use the results of 
analytics in their decision making and effectively communicate wit...
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AIDA 181 - Assignment 1 – Ch 1 - Strategic Opportunities From Big Data and Technology Questions With Complete Solutions!!
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1. How does big data influence risk management and insurance strategy? 
a) It improves underwriting accuracy 
b) It reduces claims processing time 
c) It enhances customer engagement 
d) All of the above - Answer-d) All of the above 
2. What is one benefit of data analytics in claims management? 
a) Faster and more efficient claims settlement 
b) Personalized pricing for customers 
c) Market expansion opportunities 
d) Improved underwriting accuracy - Answer-a) Faster and more efficient claims s...
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AIDA 181 - Assignment 10 - Applying Data Analysis to Underwriting - 10.1 to 10.3 (Shyam) Questions With 100% Correct Answers!!
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What is a SWOT analysis? - Answer-A method to identify strengths, weaknesses, opportunities, and 
threats. 
What are some factors contributing to Millstone's deteriorating loss experience? - Answer-Increase in 
fraudulent claims and weather-related disasters. 
Why is Millstone concerned about its upper-level employees nearing retirement age? - Answer-Few 
employees can immediately step into those roles. 
Why is it a problem that few college graduates are choosing to enter the insurance industry...
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AIDA 181 UPDATED Actual Exam Questions and CORRECT Answers
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AIDA 181 UPDATED Actual Exam 
Questions and CORRECT Answers 
big data - CORRECT ANSWER- sets of data that are to large to be gathered and alayszed 
by traditional methods 
5 Vs of big data - CORRECT ANSWER- volume 
variety 
velocity 
veracity 
value 
volume - CORRECT ANSWER- far larger (consumes more storage space) than
And that's how you make extra money
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AIDA 181 Exam Guide with Correct Questions and Verified Answers
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5 vs of big data - CORRECT ANSWER-volume variety velocity veracity value accuracy equation - CORRECT ANSWER-(TP + TN) / (TP + TN + FP + FN) tp = true positive tn = true negative fp = false positive fn false negative 
adverse development - CORRECT ANSWER-Increasing claims costs for which the reserves (based on ultimate loss estimates) are inadequate arrow - CORRECT ANSWER-a pathway in a classification tree 
Artificial intelligence - CORRECT ANSWER-compute processing/output that simulates reasonin...
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AIDA 181 Big Data Analytics for Risk and Insurance Exam Prep| Questions and Verified Answers| 100% Correct (New 2023/ 2024 Update)
- Exam (elaborations) • 34 pages • 2023
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AIDA 181 Big Data Analytics for Risk and 
Insurance Exam Prep| Questions and 
Verified Answers| 100% Correct (New 2023/ 
2024 Update) 
 
QUESTION 
 metadata 
 
 
Answer: 
 data about the data that provides context for analyzing transaction facts with efficient structures 
for grouping hierarchical information 
 
 
 
QUESTION 
 what type of data helps prevent data quality issues? 
 
 
Answer: 
 metadata 
 
 
 
QUESTION 
 what are some data mining techniques 
 
 
Answer: 
 classification 
 ...
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AIDA 181 - Assignment 1 - Exploring Big Data Analysis - 1.4 to 1.5 (Shyam) Questions & Answers Already Graded A+
- Exam (elaborations) • 13 pages • 2024
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What is data science? - Answer-Field of data analytics 
How does data science apply to risk management and insurance? - Answer-Offers business solutions via 
data analytics 
What is the role of a data scientist? - Answer-Manage and analyze large amounts of data 
What skills are necessary for managing data in insurance? - Answer-Education and skills in evaluating 
data 
Why is additional training in data science important for insurance professionals? - Answer-To effectively 
apply data analytics ...
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AIDA 181 (New 2023/ 2024 Update) Big Data Analytics for Risk and Insurance Exam | Questions and Verified Answers| 100% Correct| Graded A
- Exam (elaborations) • 32 pages • 2023
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AIDA 181 (New 2023/ 2024 Update) Big Data 
Analytics for Risk and Insurance Exam | 
Questions and Verified Answers| 100% 
Correct| Graded A 
 
QUESTION 
 Often, machine learning 
Select one: 
A. Reveals relationship and trends not found through traditional ratemaking analysis. 
B. Is not appropriate for smaller insurers, which do not have access to large amounts of data. 
C. Implements a flat rate increase for all of an insurer's homeowners policies. 
D. Is simply a ratio that measures loss ...
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AIDA 181 Questions with Correct Answers.
- Exam (elaborations) • 5 pages • 2024
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AIDA 181 Questions with Correct Answers.
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