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AIC 300 Exam Practice Questions and Answers | 100% Pass Accuracy - Answer️️ -In model performance evaluation, a model's correct predictions divided by its total predictions Actuary - Answer️️ -A person who uses mathematical methods to analyze insurance data for various purposes, such a...

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  • September 1, 2024
  • 38
  • 2024/2025
  • Exam (elaborations)
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  • aic 300 exam practice questions and answers 100

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©SOPHIABENNETT
2024/2025 ACADEMIC YEAR EXAM SERIES




©SOPHIABENNETT 9/1/24 EXAM_SOLUTIONS

,AIC 300 Exam Practice Questions and
Answers | 100% Pass


Accuracy - Answer✔️✔️-In model performance evaluation, a model's correct predictions

divided by its total predictions


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

Algorithm - Answer✔️✔️-An operational sequence used to solve mathematical problems

and to create computer programs

Allegation - Answer✔️✔️-A claim made in the complaint by the plaintiff, specifying what

the plaintiff expects to prove to obtain a judgement against the defendant

Average value method - Answer✔️✔️-A case reserving method that establishes a

predetermined dollar amount of reserve for each claim as it is reported

Big data - Answer✔️✔️-Sets of data that are too large to be gathered and analyzed by

traditional methods

Blockchain - Answer✔️✔️-A distributed digital ledger that facilitates secure transactions

without the need for a third party

Claims representative - Answer✔️✔️-A person responsible for investigating, evaluating,

and settling claims




Page 1 of 37

,Classification tree - Answer✔️✔️-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 - Answer✔️✔️-A clause that required the insured to carry insurance

equal to at least a specified percentage of the insured property's value

Combination of nodes - Answer✔️✔️-A representation of data attributes in a classification

tree

Comparative negligence - Answer✔️✔️-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

Compensatory damages - Answer✔️✔️-A payment awarded by a court to reimburse a

victim for actual harm

Complaint - Answer✔️✔️-The allegations made by a plaintiff in a lawsuit

Complex claim - Answer✔️✔️-A claim that contains one or more characteristics that

cause it to cost more than the average claim

Concealment - Answer✔️✔️-An intentional failure to disclose a material fact

Contributory Negligence - Answer✔️✔️-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 Standard Process for Data Mining (CRISP DM) - Answer✔️✔️-An

accepted standard for the steps in any data mining process used to provide business

solutions

Page 2 of 37

, Data mining - Answer✔️✔️-The analysis of large amounts of data to find new

relationships and patterns that will assist in developing business solutions

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

Direct loss - Answer✔️✔️-A reduction in the value of property that results directly and

often immediately from damage to that property

Discovery - Answer✔️✔️-A pretrial exchange of all relevant information between the

plaintiff and defendant

Domain knowledge - Answer✔️✔️-Information related to the context of the information a

data scientist is working with

Ethics - Answer✔️✔️-The study of what constitutes good and bad behavior, dealing with

moral duty and obligation

Expert System method - Answer✔️✔️-A method of setting reserves with a software

application that estimates losses and loss adjustment expenses

Federal Rules of Civil Procedure - Answer✔️✔️-A set of rules established to ensure that

civil actions and procedures move through the United States district courts as quickly as

possible

First notice of loss (FNOL) - Answer✔️✔️-The initial report notifying the insurer of a claim

Formula method - Answer✔️✔️-A method of setting claims reserves be using a

mathematical formula




Page 3 of 37

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