AIC 300 CLAIMS IN AN EVOLVING WORLD
EXAMS SET FULL QUESTIONS AND
COMPLETE SOLUTIONS
●● 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
●● Algorithm
Answer: An operational sequence used to solve mathematical problems
and to create computer programs
●● 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
●● Average value method
Answer: A case reserving method that establishes a predetermined dollar
amount of reserve for each claim as it is reported
●● Big data
,Answer: Sets of data that are too large to be gathered and analyzed by
traditional methods
●● Blockchain
Answer: A distributed digital ledger that facilitates secure transactions
without the need for a third party
●● Claims representative
Answer: A person responsible for investigating, evaluating, and settling
claims
●● 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
●● 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
●● Combination of nodes
Answer: A representation of data attributes in a classification tree
●● 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
●● Compensatory damages
Answer: A payment awarded by a court to reimburse a victim for actual
harm
●● Complaint
Answer: The allegations made by a plaintiff in a lawsuit
●● Complex claim
Answer: A claim that contains one or more characteristics that cause it to
cost more than the average claim
●● Concealment
Answer: An intentional failure to disclose a material fact
●● 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
●● 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
●● Data mining
Answer: The analysis of large amounts of data to find new relationships
and patterns that will assist in developing business solutions
●● 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
●● Direct loss
Answer: A reduction in the value of property that results directly and
often immediately from damage to that property
●● Discovery
Answer: A pretrial exchange of all relevant information between the
plaintiff and defendant
●● Domain knowledge
Answer: Information related to the context of the information a data
scientist is working with
EXAMS SET FULL QUESTIONS AND
COMPLETE SOLUTIONS
●● 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
●● Algorithm
Answer: An operational sequence used to solve mathematical problems
and to create computer programs
●● 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
●● Average value method
Answer: A case reserving method that establishes a predetermined dollar
amount of reserve for each claim as it is reported
●● Big data
,Answer: Sets of data that are too large to be gathered and analyzed by
traditional methods
●● Blockchain
Answer: A distributed digital ledger that facilitates secure transactions
without the need for a third party
●● Claims representative
Answer: A person responsible for investigating, evaluating, and settling
claims
●● 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
●● 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
●● Combination of nodes
Answer: A representation of data attributes in a classification tree
●● 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
●● Compensatory damages
Answer: A payment awarded by a court to reimburse a victim for actual
harm
●● Complaint
Answer: The allegations made by a plaintiff in a lawsuit
●● Complex claim
Answer: A claim that contains one or more characteristics that cause it to
cost more than the average claim
●● Concealment
Answer: An intentional failure to disclose a material fact
●● 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
●● 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
●● Data mining
Answer: The analysis of large amounts of data to find new relationships
and patterns that will assist in developing business solutions
●● 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
●● Direct loss
Answer: A reduction in the value of property that results directly and
often immediately from damage to that property
●● Discovery
Answer: A pretrial exchange of all relevant information between the
plaintiff and defendant
●● Domain knowledge
Answer: Information related to the context of the information a data
scientist is working with
