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Cpcu 500 - Chapter 1 Questions And Answers With Verified Solutions 100% Correct!!!
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Cpcu 500 - Chapter 1 Questions And Answers With Verified Solutions 100% Correct!!!
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By: rlawk02 • 2 months ago
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Cpcu 500 - Chapter 1 Questions AndAnswers With Verified Solutions 100%
Correct!!!
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
- they assess risk by detecting and measuring objects or conditions on a
continuous basis, which provides early warnings
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