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AIC 300 Questions And Answers With Verified Updates
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Motion for summary judgment - A pretrial request asking the court to enter a judgment when no material facts are in dispute and the moving party is entitled to judgment as a matter of law. Comparative negligence - A common-law principle that requires both parties to a loss to share the financial...

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  • September 1, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • aic 300

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  • AIC 300
  • AIC 300

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AIC 300
Motion for summary judgment - A pretrial request asking the court to enter a judgment when no
material facts are in dispute and the moving party is entitled to judgment as a matter of law.



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.



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 judgment 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 requires the insured to carry insurance equal to at least a
specified percentage of the insured's property value.



Combination of nodes - A representation of data attributes in a classification tree.




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.



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.



Cross-Industry 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.

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