CPCU BUNDLED EXAM 2023 ACTUAL
QUESTIONS AND VERIFIED
ANSWERS 5 COPIES
◉ Big data. Answer: Sets of data that are too large to be gathered and
analyzed by traditional methods.
◉ Data-driven decision making. Answer: An organizational process to
gather and analyze relevant and verifiable data and then evaluate the
results to guide business strategies.
◉ Predictive modeling. Answer: A process in which historical data
based on behaviors and events is blended with multiple variables and
used to construct models of anticipated future outcomes.
◉ Telematics. Answer: The use of technological devices in vehicles
with wireless communication and GPS tracking that transmit data to
businesses or government agencies; some return information for the
driver.
◉ Text mining. Answer: Obtaining information through language
recognition.
◉ Data mining. Answer: The analysis of large amounts of data to find
new relationships and patterns that will assist in developing business
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.
◉ Domain knowledge. Answer: Information related to the context of the
information a data scientist is working with.
◉ Structured data. Answer: Data organized into databases with defined
fields, including links between databases
◉ Unstructured data. Answer: Data that is not organized into
predetermined formats, such as databases, and often consists of text,
images, or other nontraditional media
◉ Premium. Answer: The price of the insurance coverage provided for a
specified period.
◉ Loss adjustment expense (LAE). Answer: The expense that an insurer
incurs to investigate, defend, and settle claims according to the terms
specified in the insurance policy.
◉ Allocated loss adjustment expense (ALAE). Answer: The expense an
insurer incurs to investigate, defend, and settle claims that are associated
with a specific claim.
QUESTIONS AND VERIFIED
ANSWERS 5 COPIES
◉ Big data. Answer: Sets of data that are too large to be gathered and
analyzed by traditional methods.
◉ Data-driven decision making. Answer: An organizational process to
gather and analyze relevant and verifiable data and then evaluate the
results to guide business strategies.
◉ Predictive modeling. Answer: A process in which historical data
based on behaviors and events is blended with multiple variables and
used to construct models of anticipated future outcomes.
◉ Telematics. Answer: The use of technological devices in vehicles
with wireless communication and GPS tracking that transmit data to
businesses or government agencies; some return information for the
driver.
◉ Text mining. Answer: Obtaining information through language
recognition.
◉ Data mining. Answer: The analysis of large amounts of data to find
new relationships and patterns that will assist in developing business
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.
◉ Domain knowledge. Answer: Information related to the context of the
information a data scientist is working with.
◉ Structured data. Answer: Data organized into databases with defined
fields, including links between databases
◉ Unstructured data. Answer: Data that is not organized into
predetermined formats, such as databases, and often consists of text,
images, or other nontraditional media
◉ Premium. Answer: The price of the insurance coverage provided for a
specified period.
◉ Loss adjustment expense (LAE). Answer: The expense that an insurer
incurs to investigate, defend, and settle claims according to the terms
specified in the insurance policy.
◉ Allocated loss adjustment expense (ALAE). Answer: The expense an
insurer incurs to investigate, defend, and settle claims that are associated
with a specific claim.
