AIC 300 Claims in an Evolving World EXAM
(New 2026/ 2027 Update) Questions &
Answers 100% Correct (Verified Solutions)
- {Grade A}
Accuracy - Correct answer In model performance evaluation, a model's correct
predictions divided by its total predictions
Actuary - Correct answer A person who uses mathematical methods to analyze
insurance data for various purposes, such as to develop insurance rates or set claim
reserves
Algorithm - Correct answer An operational sequence used to solve mathematical
problems and to create computer programs
Allegation - Correct answer A claim made in the complaint by the plaintiff, specifying
what the plaintiff expects to prove to obtain a judgement against the defendant
,Average value method - Correct answer A case reserving method that establishes a
predetermined dollar amount of reserve for each claim as it is reported
Big data - Correct answer Sets of data that are too large to be gathered and analyzed
by traditional methods
Blockchain - Correct answer A distributed digital ledger that facilitates secure
transactions without the need for a third party
Claims representative - Correct answer A person responsible for investigating,
evaluating, and settling claims
Classification tree - Correct 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
Coinsurance clause - Correct answer A clause that required the insured to carry
insurance equal to at least a specified percentage of the insured property's value
,Combination of nodes - Correct answer A representation of data attributes in a
classification tree
Comparative negligence - Correct 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
Compensatory damages - Correct answer A payment awarded by a court to reimburse
a victim for actual harm
Complaint - Correct answer The allegations made by a plaintiff in a lawsuit
Complex claim - Correct answer A claim that contains one or more characteristics
that cause it to cost more than the average claim
Concealment - Correct answer An intentional failure to disclose a material fact
, Contributory Negligence - Correct 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
Cross Industry Standard Process for Data Mining (CRISP DM) - Correct answer An
accepted standard for the steps in any data mining process used to provide business
solutions
Data mining - Correct answer The analysis of large amounts of data to find new
relationships and patterns that will assist in developing business solutions
Data science - Correct 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
Direct loss - Correct answer A reduction in the value of property that results directly
and often immediately from damage to that property
(New 2026/ 2027 Update) Questions &
Answers 100% Correct (Verified Solutions)
- {Grade A}
Accuracy - Correct answer In model performance evaluation, a model's correct
predictions divided by its total predictions
Actuary - Correct answer A person who uses mathematical methods to analyze
insurance data for various purposes, such as to develop insurance rates or set claim
reserves
Algorithm - Correct answer An operational sequence used to solve mathematical
problems and to create computer programs
Allegation - Correct answer A claim made in the complaint by the plaintiff, specifying
what the plaintiff expects to prove to obtain a judgement against the defendant
,Average value method - Correct answer A case reserving method that establishes a
predetermined dollar amount of reserve for each claim as it is reported
Big data - Correct answer Sets of data that are too large to be gathered and analyzed
by traditional methods
Blockchain - Correct answer A distributed digital ledger that facilitates secure
transactions without the need for a third party
Claims representative - Correct answer A person responsible for investigating,
evaluating, and settling claims
Classification tree - Correct 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
Coinsurance clause - Correct answer A clause that required the insured to carry
insurance equal to at least a specified percentage of the insured property's value
,Combination of nodes - Correct answer A representation of data attributes in a
classification tree
Comparative negligence - Correct 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
Compensatory damages - Correct answer A payment awarded by a court to reimburse
a victim for actual harm
Complaint - Correct answer The allegations made by a plaintiff in a lawsuit
Complex claim - Correct answer A claim that contains one or more characteristics
that cause it to cost more than the average claim
Concealment - Correct answer An intentional failure to disclose a material fact
, Contributory Negligence - Correct 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
Cross Industry Standard Process for Data Mining (CRISP DM) - Correct answer An
accepted standard for the steps in any data mining process used to provide business
solutions
Data mining - Correct answer The analysis of large amounts of data to find new
relationships and patterns that will assist in developing business solutions
Data science - Correct 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
Direct loss - Correct answer A reduction in the value of property that results directly
and often immediately from damage to that property
