100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
CPCU 550 Vocabulary Questions And Answers With Verified Solutions Already Passed!!! $10.99   Add to cart

Exam (elaborations)

CPCU 550 Vocabulary Questions And Answers With Verified Solutions Already Passed!!!

 9 views  0 purchase
  • Course
  • CPCU
  • Institution
  • CPCU

CPCU 550 Vocabulary Questions And Answers With Verified Solutions Already Passed!!!

Preview 2 out of 13  pages

  • August 13, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • CPCU
  • CPCU
avatar-seller
classhub
CPCU 550 Vocabulary Questions And
Answers With Verified Solutions Already
Passed!!!
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 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 &
analyze relevant and verifiable data, and then evaluate the results to guide biz
strategies


Predictive modeling - ANSWER✔✔ Process in which historical data based on
behaviors/events is blended with multiple variables and used to construct models
of anticipated future outcomes


Telematics - ANSWER✔✔ The use of technological devices in vehicles that
transmit data to business or gov't agencies; some return info for the driver


Text mining - ANSWER✔✔ Obtaining information through language recognition


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 info 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 consist of text, images, or other non-
traditional media


Premium - ANSWER✔✔ The price of insurance coverage provided for a specified
period


Loss adjustment expense (LAE) - ANSWER✔✔ Expense that an insurer incurs to
investigate, defend, and settle claims according to terms in policy


Allocated loss adjustment expense (ALAE) - ANSWER✔✔ Expense incurred by
insurer to investigate/defend/settle claims for a specific claim


Unallocated loss adjustment expense (ULAE) - ANSWER✔✔ Loss adjustment
expense that cannot be readily associated with a specific claim


Salvage - ANSWER✔✔ Process by which an insurer takes possession of damaged
property for which it has paid a total loss and recovers a portion of loss payment
by selling the damaged property

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80461 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.99
  • (0)
  Add to cart