AIC 300 FULLY REVISED AND UPDATED EXAM QUESTIONS AND
ANSWERS
Accuracy - ANSWER In model performance evaluation, a model's correct
predictions divided by its total predictions
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
,
ANSWERS
Accuracy - ANSWER In model performance evaluation, a model's correct
predictions divided by its total predictions
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
,
