AIC 300 Claims in an Evolving World EXAM
(New 2026/ 2027 Update) Questions &
Answers 100% Correct (Verified Solutions)
- {Grade A}
Which one of the following is a data mining technique an insurer applies when it knows
what information it wants to predict?
Select one:
A. Machine learning
B. Association rule learning
C. Cluster analysis
D. Classification - Correct answer D. Classification
Classification is a data mining technique an insurer applies when it knows what
information it wants to predict.
The first step in the data mining process is to
Select one:
A. Collect the data that will be used.
,B. Select a data mining technique.
C. Understand what a business wants to achieve.
D. Prepare the data that will be used. - Correct answer C. Understand what a business
wants to achieve.
Generally speaking, the most common application of predictive modeling in insurance
occurs in
Select one:
A. Risk selection.
B. Marketing.
C. Reinsurance.
D. Claims handling. - Correct answer A. Risk selection.
Hanna is in IT and works on data analytics projects for an insurer. These projects
involve analyzing large amounts of data to help underwriting to select risks and price
policies. Hanna knows that collaboration between data science, IT, underwriting, and
actuary is critical to the success of these projects. In Hanna's experience, as soon as
,the need for a data project arises, the key to collaborating effectively is to engage
which one of the following teams as soon as possible?
Select one:
A. Actuary
B. IT
C. Underwriting
D. Data science - Correct answer D. Data science
Data science team needs to be engaged as soon as the need for a project arises.
Part of the continuous cycle of data mining is preparing the data to eliminate missing
or inaccurate information. This process is called
Select one:
A. Machine learning.
B. Parsing.
C. Predictive modeling.
D. Cleaning. - Correct answer D. Cleaning.
, Data should be cleaned as much as possible to eliminate missing or inaccurate
information.
Which one of the following types of workers compensation claims are the most difficult
for insurers to identify at the time of first report?
Select one:
A. Catastrophic claims
B. Medical-only claims
C. Potentially minor claims
D. Potentially complex claims - Correct answer D. Potentially complex claims
Potentially complex claims are the most difficult for insurers to identify at the time of
first report.
Soft fraud, also called opportunity fraud, occurs when
Select one:
A. An application for insurance contains untrue information.
B. A legitimate claim is exaggerated.
(New 2026/ 2027 Update) Questions &
Answers 100% Correct (Verified Solutions)
- {Grade A}
Which one of the following is a data mining technique an insurer applies when it knows
what information it wants to predict?
Select one:
A. Machine learning
B. Association rule learning
C. Cluster analysis
D. Classification - Correct answer D. Classification
Classification is a data mining technique an insurer applies when it knows what
information it wants to predict.
The first step in the data mining process is to
Select one:
A. Collect the data that will be used.
,B. Select a data mining technique.
C. Understand what a business wants to achieve.
D. Prepare the data that will be used. - Correct answer C. Understand what a business
wants to achieve.
Generally speaking, the most common application of predictive modeling in insurance
occurs in
Select one:
A. Risk selection.
B. Marketing.
C. Reinsurance.
D. Claims handling. - Correct answer A. Risk selection.
Hanna is in IT and works on data analytics projects for an insurer. These projects
involve analyzing large amounts of data to help underwriting to select risks and price
policies. Hanna knows that collaboration between data science, IT, underwriting, and
actuary is critical to the success of these projects. In Hanna's experience, as soon as
,the need for a data project arises, the key to collaborating effectively is to engage
which one of the following teams as soon as possible?
Select one:
A. Actuary
B. IT
C. Underwriting
D. Data science - Correct answer D. Data science
Data science team needs to be engaged as soon as the need for a project arises.
Part of the continuous cycle of data mining is preparing the data to eliminate missing
or inaccurate information. This process is called
Select one:
A. Machine learning.
B. Parsing.
C. Predictive modeling.
D. Cleaning. - Correct answer D. Cleaning.
, Data should be cleaned as much as possible to eliminate missing or inaccurate
information.
Which one of the following types of workers compensation claims are the most difficult
for insurers to identify at the time of first report?
Select one:
A. Catastrophic claims
B. Medical-only claims
C. Potentially minor claims
D. Potentially complex claims - Correct answer D. Potentially complex claims
Potentially complex claims are the most difficult for insurers to identify at the time of
first report.
Soft fraud, also called opportunity fraud, occurs when
Select one:
A. An application for insurance contains untrue information.
B. A legitimate claim is exaggerated.
