AIC 300 – CLAIM IN AN EVOLVING WORLD EXAM QUESTIONS AND CORRECT ANSWERS WITH RATIONALES 2024 UPDATE GRADED A+

AIC 300 - o o



CLAIMS IN AN EVOLVING WORLD (ACTUALE
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XAMS) QUESTIONS AND ANSWERS o o o




Pain and suffering, disfigurement, loss of body function, ande
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motional distress are all forms of general damages. -
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<<<<Answers>>>
Samuel was seriously injured in a car accident caused by a drun
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k driver. His settlement included payments for repairs tohis veh
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icle, medical bills, pain and suffering, and lost wages.Which on
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e of the payments in Samuel's settlement is considered general
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damages?
Select one: o




A. Medical bills o




B. Lost wages o




C. Repairs to his vehicle o o o




D. Pain and suffering o o




C. The DICE method. - <<<<Answers>>
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Andrew is a claims representative investigating whetherc
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overage applies to a new claim. To help ensure that he con
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siders every facet of the policy before determining covera
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ge, he might use
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Select one: o




A. The CARD method. o o




B. The CARE method. o o




C. The DICE method. o o




D. The DARE method. o o

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CLAIMS IN AN EVOLVING WORLD (ACTUALE
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XAMS) QUESTIONS AND ANSWERS o o o




A. Loss of earnings
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Loss of earnings, medical bills, and lost property paymentsar
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e all considered special damages. - <<<<Answers>>>
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>Which one of the following is a data mining technique anin
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surer applies when it knows what information it wants topred
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ict?
Select one: o




A. Machine learning o




B. Association rule learning o o




C. Cluster analysis o




D. Classification


C. Understand what a business wants to achieve. -
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<<<<Answers>>
>The first step in the data mining process is toSe
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lect one:o




A. Collect the data that will be used. o o o o o o




B. Select a data mining technique. o o o o




C. Understand what a business wants to achieve. o o o o o o




D. Prepare the data that will be used. o o o o o o




A. Risk selection. - <<<<Answers>
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,AIC 300 - o o



CLAIMS IN AN EVOLVING WORLD (ACTUALE o o o o o o o



XAMS) QUESTIONS AND ANSWERS o o o



>>Generally speaking, the most common application ofp o o o o o o o



redictive modeling in insurance occurs in o o o o o




Select one: o




A. Risk selection. o




B. Marketing.
C. Reinsurance.
D. Claims handling. o




D. Data science
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Data science team needs to be engaged as soon as the need fora p
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roject arises. - <<<<Answers>>
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>Hanna is in IT and works on data analytics projects for an insur
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er. These projects involve analyzing large amounts of data to hel
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p underwriting to select risks and price policies. Hanna knows th
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at collaboration between data science, IT, underwriting, and act
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uary is critical to the success of these projects. In Hanna's experi
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ence, as soon as the need for a dataproject arises, the key to colla
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borating effectively is to engagewhich one of the following tea
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ms as soon as possible?
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Select one: o




A. Actuary
B. IT
C. Underwriting
D. Data science o

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CLAIMS IN AN EVOLVING WORLD (ACTUALE
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XAMS) QUESTIONS AND ANSWERS o o o




D. Cleaning.o




Data should be cleaned as much as possible to eliminatemi
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ssing or inaccurate information. - <<<<Answers>>>
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Part of the continuous cycle of data mining is preparing theda
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ta to eliminate missing or inaccurate information. This proces
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s is called
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Select one: o




A. Machine learning. o




B. Parsing.
C. Predictive modeling. o




D. Cleaning.


D. Potentially complex claims
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Potentially complex claims are the most difficult for insurersto
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identify at the time of first report. - <<<<Answers>>>
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Which one of the following types of workers compensation clai
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ms are the most difficult for insurers to identify at the timeof first
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report?
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Select one: o




A. Catastrophic claims o




B. Medical-only claims o