CPCU 500 - Chapter 1 Questions & Answers
ERM
(enterprise risk management) The comprehensive process of evaluating, measuring, and mitigating the many risks that pervade an organization.
Big Data
Capture, storage, and analysis of data
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CPCU 500 - Chapter 1 Questions &
Answers
ERM - answer (enterprise risk management) The comprehensive process of
evaluating, measuring, and mitigating the many risks that pervade an organization.
Big Data - answer Capture, storage, and analysis of data
Smart Products - answer Sense their environment, process data, and communicate
with other smart products and smart operations
Internet of Things (IoT) - answer A network of objects that transmit data to and from
each other without human interaction
Cloud Computing - answer Info, technology, and storage services contractually
provided from remote locations, through the internet or another network, without a direct
server connection
Blockchain - answer A distributed digital ledger that facilitates secure transactions
without the need for a third party
- aka. system of verification and confirmation
- maintains a continuously growing list of records (blocks) in chronological order; a new
block is created each time a transaction occurs
Mining - answer Consensus process that confirms and verifies
- removed intermediary validation and establishes trust without a centralized authority
4 examples of data-driven decision making - answer 1. Telematics
2. Discovering new relationships in data
3. Text mining
4. Developing new products
Telematics - answer The use of technological devices in vehicles with wireless
communication and GPS tracking that transmit data to businesses or government
agencies; some return information for the driver.
Text Mining - answer Obtaining info through language recognition
Insurtech - answer The use of emerging technologies in the insurance industry
- reduces the uncertainty associated with predicting future events
Sensor - answer A device that detects and measures stimuli in its environment
- an IoT object that collects and transmits data
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