AIC 300 Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
10 views 0 purchase
Course
AIC 300
Institution
AIC 300
Federal Rules of Civil Procedure - A set of rules established to ensure that civil actions and
procedures move through the United States district courts as quickly as possible
Expert System method - A method of setting reserves with a software application that estimates
losses and loss adjustmen...
AIC 300
Federal Rules of Civil Procedure - A set of rules established to ensure that civil actions and
procedures move through the United States district courts as quickly as possible
Expert System method - A method of setting reserves with a software application that estimates
losses and loss adjustment expenses
Contributory Negligence - 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
Accuracy - In model performance evaluation, a model's correct predictions divided by its total
predictions
Actuary - A person who uses mathematical methods to analyze insurance data for various
purposes, such as to develop insurance rates or set claim reserves
Algorithm - An operational sequence used to solve mathematical problems and to create
computer programs
Allegation - 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 - A case reserving method that establishes a predetermined dollar amount
of reserve for each claim as it is reported
Big data - Sets of data that are too large to be gathered and analyzed by traditional methods
Blockchain - A distributed digital ledger that facilitates secure transactions without the need for a
third party
,Claims representative - A person responsible for investigating, evaluating, and settling claims
Classification tree - 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 - 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 - A representation of data attributes in a classification tree
Comparative negligence - 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 - A payment awarded by a court to reimburse a victim for actual harm
Complaint - The allegations made by a plaintiff in a lawsuit
Complex claim - A claim that contains one or more characteristics that cause it to cost more than
the average claim
Concealment - An intentional failure to disclose a material fact
Cross Industry Standard Process for Data Mining (CRISP DM) - An accepted standard for the steps
in any data mining process used to provide business solutions
Data mining - The analysis of large amounts of data to find new relationships and patterns that
will assist in developing business solutions
Data science - 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 - A reduction in the value of property that results directly and often immediately from
damage to that property
Discovery - A pretrial exchange of all relevant information between the plaintiff and defendant
Domain knowledge - Information related to the context of the information a data scientist is
working with
Ethics - The study of what constitutes good and bad behavior, dealing with moral duty and
obligation
First notice of loss (FNOL) - The initial report notifying the insurer of a claim
Formula method - A method of setting claims reserves be using a mathematical formula
General damages - A monetary award to compensate a victim for losses, such as pain and
suffering, that do not involve specific, measurable expenses
Hard fraud - Actions that are undertaken deliberately to defraud
Holdout data - In the model training process, existing data with a known target variable that is not
used as part of the training data
Indemnify - To restore a party who has sustained a loss to the same financial position that party
held before the loss occurred
Indirect loss - A loss that arises as a result of damage to property, other than the direct loss to the
property
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICMATERIALS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
