ASSIGNMENT 16 - ACTUARIAL DATA
MANAGEMENT QUESTIONS AND
VERIFIED ANSWERS|100%
CORRECT|GRADE A+
How has ISO defined quality data? - ANSWER Data that are fit for the intended use
Which one of the following best describes appropriate data according to Actuarial Standard of Practice
(ASOP) No. 23? - ANSWER Data are appropriate if they are suitable for the intended purpose of an
analysis and relevant to the system or process being analyzed
Which one of the following best describers the purpose of the General Insurance Research Organization
(GIRO) Data Quality Working Party report in 2006? - ANSWER To examine the need for devoting more
resources to data quality
Which one of the following best describes the concept of metadata? - ANSWER Metatdata are
information about data, business rules, and data processing
Which one of the following statements is true regarding data quality? - ANSWER Quality data is data fit
for the intended purpose
The actuary can best help ensure quality in source databases by - ANSWER Advocating improvements in
data management and data quality practices
ASOP No. 23 advises actuaries, when evaluating the quality of a data set for a particular analysis, to
select the data with consideration of all of the following EXCEPT - ANSWER Expense to gather and
process
Which one of the following dimensions of organizational data quality is represented when responsibility
for managing data has been assigned? - ANSWER Stewardship
, Which dimension of stored data quality is represented when an actuary selects data in which the area
code of the home phone number is consistent with the area code of the city's location? - ANSWER
Record consistency
To select appropriate data for long-tailed lines of business, an actuary may need to select data - ANSWER
That include current information and older historical information
When selecting appropriate data for ratemaking analysis, actuaries should select loss and exposure data
that are reasonably current and that - ANSWER Are drawn from exposures similar to those expected in
the future
All of the following are areas in which ASOP 23 provides guidance to the actuary, EXCEPT - ANSWER
Auditing data
When applicable law conflicts with the Actuarial Standard of Practice No. 23 (ASOP 23) which one of the
following is true? - ANSWER Compliance with such applicable law shall not be deemed a deviation from
this standard, provided the actuary discloses that the actuarial assignment was performed in accordance
with the requirements of such applicable law
An actuary should review the data for reasonableness and consistency, unless, in the actuary's
professional judgment, which one of the following is true? - ANSWER Such review is not necessary or not
practical
Which one of the following best describes the typical questions an actuary may address regarding the
selection of data? - ANSWER What data should be used in setting rates going forward?
In addition to complying with the requirements in Actuarial Standard of Practice No. 41 (ASOP No. 41),
Actuarial Communications, an actuary's documentation should also include which one of the following? -
ANSWER A description of material defects the actuary believes are in the data
Besides referring to the standard itself, which one of the following facts should an actuary also disclose
when issuing communications under Actuarial Standard of Practice No. 41 (ASOP No. 41)? - ANSWER Any
material judgment adjustments that the actuary applied to the data to allow the actuary to perform the
analysis
MANAGEMENT QUESTIONS AND
VERIFIED ANSWERS|100%
CORRECT|GRADE A+
How has ISO defined quality data? - ANSWER Data that are fit for the intended use
Which one of the following best describes appropriate data according to Actuarial Standard of Practice
(ASOP) No. 23? - ANSWER Data are appropriate if they are suitable for the intended purpose of an
analysis and relevant to the system or process being analyzed
Which one of the following best describers the purpose of the General Insurance Research Organization
(GIRO) Data Quality Working Party report in 2006? - ANSWER To examine the need for devoting more
resources to data quality
Which one of the following best describes the concept of metadata? - ANSWER Metatdata are
information about data, business rules, and data processing
Which one of the following statements is true regarding data quality? - ANSWER Quality data is data fit
for the intended purpose
The actuary can best help ensure quality in source databases by - ANSWER Advocating improvements in
data management and data quality practices
ASOP No. 23 advises actuaries, when evaluating the quality of a data set for a particular analysis, to
select the data with consideration of all of the following EXCEPT - ANSWER Expense to gather and
process
Which one of the following dimensions of organizational data quality is represented when responsibility
for managing data has been assigned? - ANSWER Stewardship
, Which dimension of stored data quality is represented when an actuary selects data in which the area
code of the home phone number is consistent with the area code of the city's location? - ANSWER
Record consistency
To select appropriate data for long-tailed lines of business, an actuary may need to select data - ANSWER
That include current information and older historical information
When selecting appropriate data for ratemaking analysis, actuaries should select loss and exposure data
that are reasonably current and that - ANSWER Are drawn from exposures similar to those expected in
the future
All of the following are areas in which ASOP 23 provides guidance to the actuary, EXCEPT - ANSWER
Auditing data
When applicable law conflicts with the Actuarial Standard of Practice No. 23 (ASOP 23) which one of the
following is true? - ANSWER Compliance with such applicable law shall not be deemed a deviation from
this standard, provided the actuary discloses that the actuarial assignment was performed in accordance
with the requirements of such applicable law
An actuary should review the data for reasonableness and consistency, unless, in the actuary's
professional judgment, which one of the following is true? - ANSWER Such review is not necessary or not
practical
Which one of the following best describes the typical questions an actuary may address regarding the
selection of data? - ANSWER What data should be used in setting rates going forward?
In addition to complying with the requirements in Actuarial Standard of Practice No. 41 (ASOP No. 41),
Actuarial Communications, an actuary's documentation should also include which one of the following? -
ANSWER A description of material defects the actuary believes are in the data
Besides referring to the standard itself, which one of the following facts should an actuary also disclose
when issuing communications under Actuarial Standard of Practice No. 41 (ASOP No. 41)? - ANSWER Any
material judgment adjustments that the actuary applied to the data to allow the actuary to perform the
analysis
