AIC 300 - Claims Assignment 6, Exams of Insurance Economics

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AIC 300 - Claims Assignment 6

Which one of the following correctly describes classification? - ✔✔classification assigns member of a dataset into categories based on known characteristics Which one of the following is a data mining technique? - ✔✔classification Through data mining, Goshen Mutual discovers that customers who insure two or more vehicles on a personal auto policy are very likely to buy a personal umbrella policy. Algorithms are then used to identify potential customers who might be interested in purchasing both personal auto and umbrella policies. Which one of the following data mining techniques did Goshen Mutual use? - ✔✔association rule learning Which one of the following is correct regarding an insurer's big data? - ✔✔an insurer's big data consists of both its own internal data and external data Which one of the following is correct regarding insurers' and risk managers' internal data? - ✔✔insurers and risk managers have vast quantities of internal data they have not used In order to be useful, data should be - ✔✔structured or unstructured

A project team at Goshen Mutual has been working on developing a new product for the personal insurance market. The team is using geodemographic data to determine which territories would be the best to introduce the product. Geodemographic data would be categorized as - ✔✔structured external data Which one of the following is a characteristic that differentiates big data from traditional data? - ✔✔velocity Tania works in the fraud unit for Greatview Insurance. There is a claimant who appears to be involved in multiple cases of insurance fraud. Tania decides to use social media to obtain information that may be used to develop a profile of the claimant. Tania's use of social media is an example of which one of the following types of data? - ✔✔unstructured external Which one of the following is a data mining technique an insurer applies when it knows what information it wants to predict? - ✔✔machine learning Galliano Insurance Agency knows that it is most likely to retain the customers that it insures for multiple lines of coverage. The agency is always trying to identify new insurance products. To help identify new products, it needs a data mining technique that will explore data to find groups with common and previously unknown characteristics. Which one of the following data mining techniques should Galliano Insurance Agency use? - ✔✔cluster analysis Which one of the following is correct about data science? - ✔✔data science is a new field that arose from the need to link big data and technology to provide useful information

The descriptive approach is applied - ✔✔when an insurer or risk manager has a specific problem