CPCU 550 Questions & Answers
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.
Big data
Sets of data that are too large to be gathered and analyzed ...
big data sets of data that are too large to be gat
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CPCU - Chartered Property Casualty Underwriter
CPCU - Chartered Property Casualty Underwriter
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CPCU 550 Questions & Answers
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.
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 and
analyze relevant and verifiable data and then evaluate the results to guide business
strategies.
Predictive modeling - answer A process in which historical data based on behaviors
and events is blended with multiple variables and used to construct models of
anticipated future outcomes.
Telematics - answer The use of technological devices in vehicles with wireless
communication and GPS tracking that transmit data to businesses or government
agencies; some return information for the driver.
Text mining - answer Obtaining information through language recognition.
Data mining - answer The analysis of large amounts of data to find new relationships
and patterns that will assist in developing business solutions.
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 information 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 consists of text, images, or other nontraditional media
Premium - answer The price of the insurance coverage provided for a specified
period.
Loss adjustment expense (LAE) - answer The expense that an insurer incurs to
investigate, defend, and settle claims according to the terms specified in the insurance
policy.
, Allocated loss adjustment expense (ALAE) - answer The expense an insurer incurs
to investigate, defend, and settle claims that are associated with a specific claim.
Unallocated loss adjustment expense (ULAE) - answer Loss adjustment expense
that cannot be readily associated with a specific claim.
Salvage - answer The process by which an insurer takes possession of damaged
property for which it has paid a total loss and recovers a portion of the loss payment by
selling the damaged property.
Subrogation - answer The process by which an insurer can, after it has paid a loss
under the policy, recover the amount paid from any party (other than the insured) who
caused the loss or is otherwise legally liable for the loss
Text mining - answer The analysis of text for classification and prediction
Point of sale - answer A seamless transaction, documentation, and payment at the
time and place of a sale
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.
Regression analysis - answer A statistical technique that is used to estimate
relationships between variables.
Cluster analysis - answer A model that determines previously unknown groupings of
data.
Node - answer A representation of a data attribute.
Arrow - answer A pathway in a classification tree.
Leaf node - answer A terminal node of a classification tree that is used to classify an
instance based on its attributes.
Target variable - answer The predefined attribute whose value is being predicted in a
data analytical model.
Linear regression - answer A statistical method to predict the numerical value of a
target variable based on the values of explanatory variables.
Generalized linear model (GLM) - answer A statistical technique that increases the
flexibility of a linear model by linking it with a nonlinear function.
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