AIC 300 Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
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AIC 300
Federal Rules of Civil Procedure - A set of rules established to ensure that civil actions and
procedures move through the United States district courts as quickly as possible
Expert System method - A method of setting reserves with a software application that estimates
losses and loss adjustmen...
AIC 300
Federal Rules of Civil Procedure - A set of rules established to ensure that civil actions and
procedures move through the United States district courts as quickly as possible
Expert System method - A method of setting reserves with a software application that estimates
losses and loss adjustment expenses
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
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 judgement 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 required the insured to carry insurance equal to at least a
specified percentage of the insured property's value
Combination of nodes - A representation of data attributes in a classification tree
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
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
Cross Industry Standard 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
, Direct loss - A reduction in the value of property that results directly and often immediately from
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
Ethics - The study of what constitutes good and bad behavior, dealing with moral duty and
obligation
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
General damages - A monetary award to compensate a victim for losses, such as pain and
suffering, that do not involve specific, measurable expenses
Hard fraud - Actions that are undertaken deliberately to defraud
Holdout data - In the model training process, existing data with a known target variable that is not
used as part of the training data
Indemnify - To restore a party who has sustained a loss to the same financial position that party
held before the loss occurred
Indirect loss - A loss that arises as a result of damage to property, other than the direct loss to the
property
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