AIC 300 CLAIMS IN AN EVOLVING WORLD 2024
NEWEST COMPLETE 250 QUESTIONS WITH DETAILED
VERIFIED ANSWERS AND RATIONALES (100% CORRECT)
/ALREADY GRADED A+
In model performance evaluation, a model's correct predictions divided by its total
predictions - ANSWER: Accuracy
A person who uses mathematical methods to analyze insurance data for various
purposes, such as to develop insurance rates or set claim reserves - ANSWER:
Actuary
An operational sequence used to solve mathematical problems and to create
computer programs - ANSWER: Algorithm
A claim made in the complaint by the plaintiff, specifying what the plaintiff expects
to prove to obtain a judgement against the defendant - ANSWER: Allegation
A case reserving method that establishes a predetermined dollar amount of reserve
for each claim as it is reported - ANSWER: Average value method
Sets of data that are too large to be gathered and analyzed by traditional methods -
ANSWER: Big data
A distributed digital ledger that facilitates secure transactions without the need for a
third party - ANSWER: Blockchain
A person responsible for investigating, evaluating, and settling claims - ANSWER:
Claims representative
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 - ANSWER: Classification tree
A clause that required the insured to carry insurance equal to at least a specified
percentage of the insured property's value - ANSWER: Coinsurance clause
A representation of data attributes in a classification tree - ANSWER: Combination of
nodes
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 - ANSWER: Comparative negligence
,A payment awarded by a court to reimburse a victim for actual harm - ANSWER:
Compensatory damages
The allegations made by a plaintiff in a lawsuit - ANSWER: Complaint
A claim that contains one or more characteristics that cause it to cost more than the
average claim - ANSWER: Complex claim
An intentional failure to disclose a material fact - ANSWER: Concealment
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 - ANSWER: Contributory Negligence
An accepted standard for the steps in any data mining process used to provide
business solutions - ANSWER: Cross Industry Standard Process for Data Mining
(CRISP DM)
The analysis of large amounts of data to find new relationships and patterns that will
assist in developing business solutions - ANSWER: Data mining
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 - ANSWER: Data science
A reduction in the value of property that results directly and often immediately from
damage to that property - ANSWER: Direct loss
A pretrial exchange of all relevant information between the plaintiff and defendant -
ANSWER: Discovery
Information related to the context of the information a data scientist is working with
- ANSWER: Domain knowledge
The study of what constitutes good and bad behavior, dealing with moral duty and
obligation - ANSWER: Ethics
A method of setting reserves with a software application that estimates losses and
loss adjustment expenses - ANSWER: Expert System method
A set of rules established to ensure that civil actions and procedures move through
the United States district courts as quickly as possible - ANSWER: Federal Rules of
Civil Procedure
The initial report notifying the insurer of a claim - ANSWER: First notice of loss
(FNOL)
, A method of setting claims reserves be using a mathematical formula - ANSWER:
Formula method
A monetary award to compensate a victim for losses, such as pain and suffering, that
do not involve specific, measurable expenses - ANSWER: General damages
Actions that are undertaken deliberately to defraud - ANSWER: Hard fraud
In the model training process, existing data with a known target variable that is not
used as part of the training data - ANSWER: Holdout data
To restore a party who has sustained a loss to the same financial position that party
held before the loss occurred - ANSWER: Indemnify
A loss that arises as a result of damage to property, other than the direct loss to the
property - ANSWER: Indirect loss
A method of setting reserves based on the claim's circumstances and the claims
representative's experience in handling similar claims - ANSWER: Individual case
method
A measure of the predictive power of one or more attributes - ANSWER: Information
gain
An interest in the subject of an insurance policy that is not unduly remote and that
would cause the interested party to suffer financial loss if an insured event occurred
- ANSWER: Insurable interest
Any deliberate deception committed against an insurer or an insurance producer for
the purpose of unwarranted financial gain - ANSWER: Insurance fraud
A network of objects that transmit data to each other and to central hubs through
the internet - ANSWER: Internet of Things (IoT)
A terminal node of a classification tree that is used to classify an instance based on
its attributes - ANSWER: Leaf node
In model performance evaluation, the percentage of positive predictions made by
the model divided by the percentage of positive predictions that would be made in
the absence of the model - ANSWER: Lift
The expense that an insurer incurs to investigate, defend, and settle claims according
to the terms specified in the insurance policy - ANSWER: Loss adjustment expense
(LAE)
NEWEST COMPLETE 250 QUESTIONS WITH DETAILED
VERIFIED ANSWERS AND RATIONALES (100% CORRECT)
/ALREADY GRADED A+
In model performance evaluation, a model's correct predictions divided by its total
predictions - ANSWER: Accuracy
A person who uses mathematical methods to analyze insurance data for various
purposes, such as to develop insurance rates or set claim reserves - ANSWER:
Actuary
An operational sequence used to solve mathematical problems and to create
computer programs - ANSWER: Algorithm
A claim made in the complaint by the plaintiff, specifying what the plaintiff expects
to prove to obtain a judgement against the defendant - ANSWER: Allegation
A case reserving method that establishes a predetermined dollar amount of reserve
for each claim as it is reported - ANSWER: Average value method
Sets of data that are too large to be gathered and analyzed by traditional methods -
ANSWER: Big data
A distributed digital ledger that facilitates secure transactions without the need for a
third party - ANSWER: Blockchain
A person responsible for investigating, evaluating, and settling claims - ANSWER:
Claims representative
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 - ANSWER: Classification tree
A clause that required the insured to carry insurance equal to at least a specified
percentage of the insured property's value - ANSWER: Coinsurance clause
A representation of data attributes in a classification tree - ANSWER: Combination of
nodes
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 - ANSWER: Comparative negligence
,A payment awarded by a court to reimburse a victim for actual harm - ANSWER:
Compensatory damages
The allegations made by a plaintiff in a lawsuit - ANSWER: Complaint
A claim that contains one or more characteristics that cause it to cost more than the
average claim - ANSWER: Complex claim
An intentional failure to disclose a material fact - ANSWER: Concealment
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 - ANSWER: Contributory Negligence
An accepted standard for the steps in any data mining process used to provide
business solutions - ANSWER: Cross Industry Standard Process for Data Mining
(CRISP DM)
The analysis of large amounts of data to find new relationships and patterns that will
assist in developing business solutions - ANSWER: Data mining
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 - ANSWER: Data science
A reduction in the value of property that results directly and often immediately from
damage to that property - ANSWER: Direct loss
A pretrial exchange of all relevant information between the plaintiff and defendant -
ANSWER: Discovery
Information related to the context of the information a data scientist is working with
- ANSWER: Domain knowledge
The study of what constitutes good and bad behavior, dealing with moral duty and
obligation - ANSWER: Ethics
A method of setting reserves with a software application that estimates losses and
loss adjustment expenses - ANSWER: Expert System method
A set of rules established to ensure that civil actions and procedures move through
the United States district courts as quickly as possible - ANSWER: Federal Rules of
Civil Procedure
The initial report notifying the insurer of a claim - ANSWER: First notice of loss
(FNOL)
, A method of setting claims reserves be using a mathematical formula - ANSWER:
Formula method
A monetary award to compensate a victim for losses, such as pain and suffering, that
do not involve specific, measurable expenses - ANSWER: General damages
Actions that are undertaken deliberately to defraud - ANSWER: Hard fraud
In the model training process, existing data with a known target variable that is not
used as part of the training data - ANSWER: Holdout data
To restore a party who has sustained a loss to the same financial position that party
held before the loss occurred - ANSWER: Indemnify
A loss that arises as a result of damage to property, other than the direct loss to the
property - ANSWER: Indirect loss
A method of setting reserves based on the claim's circumstances and the claims
representative's experience in handling similar claims - ANSWER: Individual case
method
A measure of the predictive power of one or more attributes - ANSWER: Information
gain
An interest in the subject of an insurance policy that is not unduly remote and that
would cause the interested party to suffer financial loss if an insured event occurred
- ANSWER: Insurable interest
Any deliberate deception committed against an insurer or an insurance producer for
the purpose of unwarranted financial gain - ANSWER: Insurance fraud
A network of objects that transmit data to each other and to central hubs through
the internet - ANSWER: Internet of Things (IoT)
A terminal node of a classification tree that is used to classify an instance based on
its attributes - ANSWER: Leaf node
In model performance evaluation, the percentage of positive predictions made by
the model divided by the percentage of positive predictions that would be made in
the absence of the model - ANSWER: Lift
The expense that an insurer incurs to investigate, defend, and settle claims according
to the terms specified in the insurance policy - ANSWER: Loss adjustment expense
(LAE)
