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