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RMI 4226 FINAL EXAM AIDA QUESTIONS & ANSWERS VERIFIED 100% CORRECT!!
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RMI 4226 FINAL EXAMAIDA QUESTIONS &
ANSWERS VERIFIED
100% CORRECT!!
RMI 4226
Evatee 9/24/24 RMI 4226
,RMI 4226 FINAL EXAM AIDA QUESTIONS &
ANSWERS VERIFIED 100% CORRECT!!
Which one of the following is a way that insurers and risk managers can use
data science to improve their results through data-driven decision making?
A. Determining prior year losses at a particular location
B. Discovering new relationships in data
C. Providing human analysis of data
D. Using industry data in addition to the organization's own data Answer -
Discovering new relationships in data
Data science is especially useful for
A. Databases.
B. Structured data.
C. Unstructured data.
D. Internal data. Answer - Unstructured data
Greatview Insurance wants to predict which auto liability claims will most likely
go to litigation, so it can assign them to experienced adjusters early in the
process. There are certain known indicators of litigation that Greatview wants
to use in the data mining process. Which one of the following data mining
techniques would Greatview's analyst most likely use?
Select one:
A. Cluster analysis
B. Classification
C. Association rule learning
,D. Regression analysis Answer - Classification
All of the following are fundamental concepts of data science, EXCEPT:
Select one:
A. Close analysis may result in substantive findings that may not necessarily
lead to actionable conclusions.
B. The data mining project need not provide actions that lead to better
business results in order to be considered worthwhile.
C. Information technology can be applied to big data to reveal characteristics of
people or events of interest.
D. After information is gleaned, the user must have a process to evaluate the
accuracy of the any conclusions drawn. Answer - The data mining project need
not provide actions that lead to better business results in order to be
considered worthwhile.
Gustav is a claims representative from Forefront Insurance. He is accessing
online weather reports to determine hazardous road conditions alleged by an
injured claimant. These weather reports are an example of which one of the
following types of data?
A. External structured data
B. Internal structured data
C. Internal unstructured data
D. External unstructured data Answer - External unstructured data
Galliano Insurance Agency knows that it is most likely to retain the customers
that it insures for multiple lines of coverage. The agency is always trying to
identify new insurance products. To help identify new products, it needs a data
mining technique that will explore data to find groups with common and
previously unknown characteristics. Which one of the following data mining
techniques should Galliano Insurance Agency use?
, Select one:
A. Association rule learning
B. Regression analysis
C. Classification
D. Cluster analysis Answer - Cluster analysis
Reynolds Insurance provides workers compensation insurance for small to
medium sized companies, mostly to its local and regional manufacturers. For
data science to be relevant and useful to Reynolds, which one of the following
types of technology would be its best investment?
A. Placing telematics in employees' personal automobiles to better identify
driving behaviors.
B. Classifying employees by various demographics to reveal the likelihood of
lawsuits against their organization.
C. Analyzing data to compare older and younger workers' preferences for
longer shifts but shorter work weeks.
D. Harnessing the Internet of Things data to analyze data from wearables such
as hardhats and steel-toed boots. Answer - Harnessing the Internet of Things
data to analyze data from wearables such as hardhats and steel-toed boots.
Which one of the following correctly describes classification?
A. Classification develops algorithms to develop rules to apply to new data.
B. Classification explores data to find groups with common and previously
unknown characteristics.
C. Classification assigns members of a dataset into categories based on known
characteristics.
D. Classification predicts a numerical value given characteristics of each
member of a dataset. Answer - Classification assigns members of a dataset
into categories based on known characteristics.
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