AIC 300 Exam Practice Questions and Answers | 100% Pass
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Course
Aic 300
Institution
Aic 300
AIC 300 Exam Practice Questions and
Answers | 100% Pass
Accuracy - Answer️️ -In model performance evaluation, a model's correct predictions
divided by its total predictions
Actuary - Answer️️ -A person who uses mathematical methods to analyze insurance
data for various purposes, such a...
,AIC 300 Exam Practice Questions and
Answers | 100% Pass
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
Page 1 of 37
,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
Page 2 of 37
, 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
Discovery - Answer✔️✔️-A pretrial exchange of all relevant information between the
plaintiff and defendant
Domain knowledge - Answer✔️✔️-Information related to the context of the information a
data scientist is working with
Ethics - Answer✔️✔️-The study of what constitutes good and bad behavior, dealing with
moral duty and obligation
Expert System method - Answer✔️✔️-A method of setting reserves with a software
application that estimates losses and loss adjustment expenses
Federal Rules of Civil Procedure - Answer✔️✔️-A set of rules established to ensure that
civil actions and procedures move through the United States district courts as quickly as
possible
First notice of loss (FNOL) - Answer✔️✔️-The initial report notifying the insurer of a claim
Formula method - Answer✔️✔️-A method of setting claims reserves be using a
mathematical formula
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