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AIC 300 EXAM 2024 QUESTIONS WITH COMPLETE SOLUTIONS!!
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AIC 300 EXAM 2024 QUESTIONS WITH COMPLETE SOLUTIONS!!
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An operational sequence used to solve mathematical problems and to createAlgorithm
computer programs
A claim made in the complaint by the plaintiff, specifying what the plaintiff expects to
Allegation
prove to obtain a judgement against the defendant
A case reserving method that establishes a predetermined dollar amount of reserve for
Average value method
each claim as it is reported
Big data Sets of data that are too large to be gathered and analyzed by traditional methods
A distributed digital ledger that facilitates secure transactions without the need for a
Blockchain
third party
Claims representative A person responsible for investigating, evaluating, and settling claims
A supervised learning technique that uses a structure similar to a tree to segment data
Classification tree
according to known attributes to determine the value of a categorical target variable
A clause that required the insured to carry insurance equal to at least a specified
Coinsurance clause
percentage of the insured property's value
Combination of nodes A representation of data attributes in a classification tree
A common-law principle that requires both parties to a loss to share the financial
Comparative negligence 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
A claim that contains one or more characteristics that cause it to cost more than the
Complex claim
average claim
Concealment An intentional failure to disclose a material fact
A common-law principle that prevents a person who has been harmed from recovering
Contributory Negligence
damages if that person's own negligence contributed in any way to the harm
Cross Industry Standard Process for Data An accepted standard for the steps in any data mining process used to provide
Mining (CRISP DM) business solutions
The analysis of large amounts of data to find new relationships and patterns that will
Data mining
assist in developing business solutions
An interdisciplinary field involving the design and use of techniques to process very
Data science large amounts of data from a variety of sources and to provide knowledge based on
the data
A reduction in the value of property that results directly and often immediately from
Direct loss
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
The study of what constitutes good and bad behavior, dealing with moral duty and
Ethics
obligation
A method of setting reserves with a software application that estimates losses and loss
Expert System method
adjustment expenses
A set of rules established to ensure that civil actions and procedures move through the
Federal Rules of Civil Procedure
United States district courts as quickly as possible
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
, A monetary award to compensate a victim for losses, such as pain and suffering, that do
General damages
not involve specific, measurable expenses
Hard fraud Actions that are undertaken deliberately to defraud
In the model training process, existing data with a known target variable that is not used
Holdout data
as part of the training data
To restore a party who has sustained a loss to the same financial position that party
Indemnify
held before the loss occurred
A loss that arises as a result of damage to property, other than the direct loss to the
Indirect loss
property
A method of setting reserves based on the claim's circumstances and the claims
Individual case method
representative's experience in handling similar claims
Information gain A measure of the predictive power of one or more attributes
An interest in the subject of an insurance policy that is not unduly remote and that
Insurable interest
would cause the interested party to suffer financial loss if an insured event occurred
Any deliberate deception committed against an insurer or an insurance producer for
Insurance fraud
the purpose of unwarranted financial gain
A network of objects that transmit data to each other and to central hubs through the
Internet of Things (IoT)
internet
A terminal node of a classification tree that is used to classify an instance based on its
Leaf node
attributes
In model performance evaluation, the percentage of positive predictions made by the
Lift model divided by the percentage of positive predictions that would be made in the
absence of the model
The expense that an insurer incurs to investigate, defend, and settle claims according to
Loss adjustment expense (LAE)
the terms specified in the insurance policy
A ratio that measures losses and loss adjustment expenses against earned premiums
Loss ratio
and that reflects the percentage of premiums being consumed by losses
Artificial intelligence in which computers continually teach themselves to make better
Machine learning
decisions based on previous results and new data
Material fact A fact that is significant to a decision or matter at hand
Misrepresentation A false statement of a material fact on which a party relies
A request that a court terminate an action because of settlement, voluntary withdrawal,
Motion to dismiss
or procedural defect
Motion in limine A pretrial request that certain evidence be excluded from the trial
A pretrial request asking the court to enter a judgement when no material facts are in
Motion for summary judgment
dispute and the moving party is entitled to judgment as a matter of law
In model performance evaluation, a model's correct positive predictions divided by its
Precision
total positive predictions
Predictive model A model used to predict an unknown outcome by means of a defined target variable
Methodical examination of a policyholder's operations, records, and books of account
Premium Audit to determine the actual exposure units and premium for insurance coverages already
provided
An approach to other insurance by which the insurers contribute to the loss payment in
Pro rata contribution proportion to which they contribute to the total amount of coverage purchased (their
limits of liability)
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