AIC 300 - CLAIMS IN AN EVOLVING WORLD (ACTUAL
EXAMS) QUESTIONS AND ANSWERS
Pain and suffering, disfigurement, loss of body function, and
emotional distress are all forms of general damages. -
<<<<Answers>>>
Samuel was seriously injured in a car accident caused by a
drunk driver. His settlement included payments for repairs to
his vehicle, medical bills, pain and suffering, and lost wages.
Which one of the payments in Samuel's settlement is
considered general damages?
Select one:
A. Medical bills
B. Lost wages
C. Repairs to his vehicle
D. Pain and suffering
C. The DICE method. - <<<<Answers>>
Andrew is a claims representative investigating whether
coverage applies to a new claim. To help ensure that he
considers every facet of the policy before determining
coverage, he might use
Select one:
A. The CARD method.
B. The CARE method.
C. The DICE method.
D. The DARE method.
,AIC 300 - CLAIMS IN AN EVOLVING WORLD (ACTUAL
EXAMS) QUESTIONS AND ANSWERS
A. Loss of earnings
Loss of earnings, medical bills, and lost property payments
are all considered special damages. - <<<<Answers>>>
>Which one of the following is a data mining technique an
insurer applies when it knows what information it wants to
predict?
Select one:
A. Machine learning
B. Association rule learning
C. Cluster analysis
D. Classification
C. Understand what a business wants to achieve. -
<<<<Answers>>
>The first step in the data mining process is to
Select one:
A. Collect the data that will be used.
B. Select a data mining technique.
C. Understand what a business wants to achieve.
D. Prepare the data that will be used.
A. Risk selection. - <<<<Answers>
,AIC 300 - CLAIMS IN AN EVOLVING WORLD (ACTUAL
EXAMS) QUESTIONS AND ANSWERS
>>Generally speaking, the most common application of
predictive modeling in insurance occurs in
Select one:
A. Risk selection.
B. Marketing.
C. Reinsurance.
D. Claims handling.
D. Data science
Data science team needs to be engaged as soon as the need for
a project arises. - <<<<Answers>>
>Hanna is in IT and works on data analytics projects for an
insurer. These projects involve analyzing large amounts of
data to help underwriting to select risks and price policies.
Hanna knows that collaboration between data science, IT,
underwriting, and actuary is critical to the success of these
projects. In Hanna's experience, as soon as the need for a data
project arises, the key to collaborating effectively is to engage
which one of the following teams as soon as possible?
Select one:
A. Actuary
B. IT
C. Underwriting
D. Data science
, AIC 300 - CLAIMS IN AN EVOLVING WORLD (ACTUAL
EXAMS) QUESTIONS AND ANSWERS
D. Cleaning.
Data should be cleaned as much as possible to eliminate
missing or inaccurate information. - <<<<Answers>>>
Part of the continuous cycle of data mining is preparing the
data to eliminate missing or inaccurate information. This
process is called
Select one:
A. Machine learning.
B. Parsing.
C. Predictive modeling.
D. Cleaning.
D. Potentially complex claims
Potentially complex claims are the most difficult for insurers
to identify at the time of first report. - <<<<Answers>>>
Which one of the following types of workers compensation
claims are the most difficult for insurers to identify at the time
of first report?
Select one:
A. Catastrophic claims
B. Medical-only claims
EXAMS) QUESTIONS AND ANSWERS
Pain and suffering, disfigurement, loss of body function, and
emotional distress are all forms of general damages. -
<<<<Answers>>>
Samuel was seriously injured in a car accident caused by a
drunk driver. His settlement included payments for repairs to
his vehicle, medical bills, pain and suffering, and lost wages.
Which one of the payments in Samuel's settlement is
considered general damages?
Select one:
A. Medical bills
B. Lost wages
C. Repairs to his vehicle
D. Pain and suffering
C. The DICE method. - <<<<Answers>>
Andrew is a claims representative investigating whether
coverage applies to a new claim. To help ensure that he
considers every facet of the policy before determining
coverage, he might use
Select one:
A. The CARD method.
B. The CARE method.
C. The DICE method.
D. The DARE method.
,AIC 300 - CLAIMS IN AN EVOLVING WORLD (ACTUAL
EXAMS) QUESTIONS AND ANSWERS
A. Loss of earnings
Loss of earnings, medical bills, and lost property payments
are all considered special damages. - <<<<Answers>>>
>Which one of the following is a data mining technique an
insurer applies when it knows what information it wants to
predict?
Select one:
A. Machine learning
B. Association rule learning
C. Cluster analysis
D. Classification
C. Understand what a business wants to achieve. -
<<<<Answers>>
>The first step in the data mining process is to
Select one:
A. Collect the data that will be used.
B. Select a data mining technique.
C. Understand what a business wants to achieve.
D. Prepare the data that will be used.
A. Risk selection. - <<<<Answers>
,AIC 300 - CLAIMS IN AN EVOLVING WORLD (ACTUAL
EXAMS) QUESTIONS AND ANSWERS
>>Generally speaking, the most common application of
predictive modeling in insurance occurs in
Select one:
A. Risk selection.
B. Marketing.
C. Reinsurance.
D. Claims handling.
D. Data science
Data science team needs to be engaged as soon as the need for
a project arises. - <<<<Answers>>
>Hanna is in IT and works on data analytics projects for an
insurer. These projects involve analyzing large amounts of
data to help underwriting to select risks and price policies.
Hanna knows that collaboration between data science, IT,
underwriting, and actuary is critical to the success of these
projects. In Hanna's experience, as soon as the need for a data
project arises, the key to collaborating effectively is to engage
which one of the following teams as soon as possible?
Select one:
A. Actuary
B. IT
C. Underwriting
D. Data science
, AIC 300 - CLAIMS IN AN EVOLVING WORLD (ACTUAL
EXAMS) QUESTIONS AND ANSWERS
D. Cleaning.
Data should be cleaned as much as possible to eliminate
missing or inaccurate information. - <<<<Answers>>>
Part of the continuous cycle of data mining is preparing the
data to eliminate missing or inaccurate information. This
process is called
Select one:
A. Machine learning.
B. Parsing.
C. Predictive modeling.
D. Cleaning.
D. Potentially complex claims
Potentially complex claims are the most difficult for insurers
to identify at the time of first report. - <<<<Answers>>>
Which one of the following types of workers compensation
claims are the most difficult for insurers to identify at the time
of first report?
Select one:
A. Catastrophic claims
B. Medical-only claims
