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Cpcu 550 Questions And Answers With Verified Solutions Already Passed!!!(GRADED A+)
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Cpcu 550 Questions And Answers With Verified Solutions Already Passed!!!(GRADED A+)
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Cpcu 550 Questions And Answers WithVerified Solutions Already
Passed!!!(GRADED A+)
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.
Big data - ANSWER✔✔ Sets of data that are too large to be gathered and analyzed
by traditional methods.
Data-driven decision making - ANSWER✔✔ An organizational process to gather
and analyze relevant and verifiable data and then evaluate the results to guide
business strategies.
Predictive modeling - ANSWER✔✔ A process in which historical data based on
behaviors and events is blended with multiple variables and used to construct
models of anticipated future outcomes.
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 information through language recognition.
Data mining - ANSWER✔✔ The analysis of large amounts of data to find new
relationships and patterns that will assist in developing business solutions.
, 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.
Domain knowledge - ANSWER✔✔ Information related to the context of the
information a data scientist is working with.
Structured data - ANSWER✔✔ Data organized into databases with defined fields,
including links between databases
Unstructured data - ANSWER✔✔ Data that is not organized into predetermined
formats, such as databases, and often consists of text, images, or other
nontraditional media
Premium - ANSWER✔✔ The price of the insurance coverage provided for a
specified period.
Loss adjustment expense (LAE) - ANSWER✔✔ The expense that an insurer incurs
to investigate, defend, and settle claims according to the terms specified in the
insurance policy.
Allocated loss adjustment expense (ALAE) - ANSWER✔✔ The expense an insurer
incurs to investigate, defend, and settle claims that are associated with a specific
claim.
Unallocated loss adjustment expense (ULAE) - ANSWER✔✔ Loss adjustment
expense that cannot be readily associated with a specific claim.
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