AIC 300 Claims In An Evolving World Exam Version With All Questions From Actual Past Exam, 100% Correct Answers Best Studying Materials

AIC 300 Claims In An Evolving World Exam Version With All Questions From Actual Past Exam, 100% Correct Answers Best Studying Materials 
Accuracy - ANSWER In model performance evaluation, a
model's correct predictions divided by its total predictions
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
Algorithm - ANSWER An operational sequence used to solve
mathematical problems and to create computer programs
Allegation - ANSWER A claim made in the complaint by the
plaintiff, specifying what the plaintiff expects to prove to obtain
a judgement against the defendant
Average value method - ANSWER A case reserving method
that establishes a predetermined dollar amount of reserve for
each claim as it is reported
Big data - ANSWER Sets of data that are too large to be
gathered and analyzed by traditional methods
Blockchain - ANSWER A distributed digital ledger that
facilitates secure transactions without the need for a third
party
Claims representative - ANSWER A person responsible for
investigating, evaluating, and settling claims
Classification tree - ANSWER 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
Coinsurance clause - ANSWER A clause that required the
insured to carry insurance equal to at least a specified
percentage of the insured property's value
Combination of nodes - ANSWER A representation of data
attributes in a classification tree
Comparative negligence - ANSWER 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
Compensatory damages - ANSWER A payment awarded by
a court to reimburse a victim for actual harm
Complaint - ANSWER The allegations made by a plaintiff in
a lawsuit
Complex claim - ANSWER A claim that contains one or more
characteristics that cause it to cost more than the average claim
Concealment - ANSWER An intentional failure to disclose a
material fact
Contributory Negligence - ANSWER 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
Cross Industry Standard Process for Data Mining (CRISP DM) -
ANSWER An accepted standard for the steps in any data
mining process used to provide business solutions
Data mining - ANSWER The analysis of large amounts of
data to find new relationships and patterns that will assist in
developing business solutions
Data science - ANSWER 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
Direct loss - ANSWER A reduction in the value of property
that results directly and often immediately from damage to
that property

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