AIC 300 Verified Exam Questions and Answers Latest update
2026/2027
Question:
and
Answer:
Question:
Accuracy
Answer:
In model performance evaluation, a model's correct predictions divided by its total predictions
Question:
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
Question:
Algorithm
Answer:
An operational sequence used to solve mathematical problems and to create computer programs
Question:
Allegation
Answer:
A claim made in the complaint by the plaintiff, specifying what the plaintiff expects to prove to obtain
a judgement against the defendant
Question:
Average value method
Answer:
A case reserving method that establishes a predetermined dollar amount of reserve for each claim as it
is reported
,Question:
Big data
Answer:
Sets of data that are too large to be gathered and analyzed by traditional methods
Question:
Blockchain
Answer:
A distributed digital ledger that facilitates secure transactions without the need for a third party
Question:
Claims representative
Answer:
A person responsible for investigating, evaluating, and settling claims
Question:
Classification tree
Answer:
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
Question:
Coinsurance clause
Answer:
A clause that required the insured to carry insurance equal to at least a specified percentage of the
insured property's value
Question:
Combination of nodes
Answer:
A representation of data attributes in a classification tree
Question:
Comparative negligence
Answer:
A common-law principle that requires both parties to a loss to share the financial burden of the bodily
injury or property damage according to their respective degrees of fault
,Question:
Compensatory damages
Answer:
A payment awarded by a court to reimburse a victim for actual harm
Question:
Complaint
Answer:
The allegations made by a plaintiff in a lawsuit
Question:
Complex claim
Answer:
A claim that contains one or more characteristics that cause it to cost more than the average claim
Question:
Concealment
Answer:
An intentional failure to disclose a material fact
Question:
Contributory Negligence
Answer:
A common-law principle that prevents a person who has been harmed from recovering damages if that
person's own negligence contributed in any way to the harm
Question:
Cross Industry Standard Process for Data Mining (CRISP DM)
Answer:
An accepted standard for the steps in any data mining process used to provide business solutions
Question:
Data mining
Answer:
The analysis of large amounts of data to find new relationships and patterns that will assist in
developing business solutions
, Question:
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
Question:
Direct loss
Answer:
A reduction in the value of property that results directly and often immediately from damage to that
property
Question:
Discovery
Answer:
A pretrial exchange of all relevant information between the plaintiff and defendant
Question:
Domain knowledge
Answer:
Information related to the context of the information a data scientist is working with
Question:
Ethics
Answer:
The study of what constitutes good and bad behavior, dealing with moral duty and obligation
Question:
Expert System method
Answer:
A method of setting reserves with a software application that estimates losses and loss adjustment
expenses
Question:
Federal Rules of Civil Procedure
Answer:
A set of rules established to ensure that civil actions and procedures move through the United States
district courts as quickly as possible
2026/2027
Question:
and
Answer:
Question:
Accuracy
Answer:
In model performance evaluation, a model's correct predictions divided by its total predictions
Question:
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
Question:
Algorithm
Answer:
An operational sequence used to solve mathematical problems and to create computer programs
Question:
Allegation
Answer:
A claim made in the complaint by the plaintiff, specifying what the plaintiff expects to prove to obtain
a judgement against the defendant
Question:
Average value method
Answer:
A case reserving method that establishes a predetermined dollar amount of reserve for each claim as it
is reported
,Question:
Big data
Answer:
Sets of data that are too large to be gathered and analyzed by traditional methods
Question:
Blockchain
Answer:
A distributed digital ledger that facilitates secure transactions without the need for a third party
Question:
Claims representative
Answer:
A person responsible for investigating, evaluating, and settling claims
Question:
Classification tree
Answer:
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
Question:
Coinsurance clause
Answer:
A clause that required the insured to carry insurance equal to at least a specified percentage of the
insured property's value
Question:
Combination of nodes
Answer:
A representation of data attributes in a classification tree
Question:
Comparative negligence
Answer:
A common-law principle that requires both parties to a loss to share the financial burden of the bodily
injury or property damage according to their respective degrees of fault
,Question:
Compensatory damages
Answer:
A payment awarded by a court to reimburse a victim for actual harm
Question:
Complaint
Answer:
The allegations made by a plaintiff in a lawsuit
Question:
Complex claim
Answer:
A claim that contains one or more characteristics that cause it to cost more than the average claim
Question:
Concealment
Answer:
An intentional failure to disclose a material fact
Question:
Contributory Negligence
Answer:
A common-law principle that prevents a person who has been harmed from recovering damages if that
person's own negligence contributed in any way to the harm
Question:
Cross Industry Standard Process for Data Mining (CRISP DM)
Answer:
An accepted standard for the steps in any data mining process used to provide business solutions
Question:
Data mining
Answer:
The analysis of large amounts of data to find new relationships and patterns that will assist in
developing business solutions
, Question:
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
Question:
Direct loss
Answer:
A reduction in the value of property that results directly and often immediately from damage to that
property
Question:
Discovery
Answer:
A pretrial exchange of all relevant information between the plaintiff and defendant
Question:
Domain knowledge
Answer:
Information related to the context of the information a data scientist is working with
Question:
Ethics
Answer:
The study of what constitutes good and bad behavior, dealing with moral duty and obligation
Question:
Expert System method
Answer:
A method of setting reserves with a software application that estimates losses and loss adjustment
expenses
Question:
Federal Rules of Civil Procedure
Answer:
A set of rules established to ensure that civil actions and procedures move through the United States
district courts as quickly as possible
