AIC 300 Comprehensive Study Guide

AIC 300 Comprehensive Study Guide 17. Contributory Negligence: A common-law principle that prevents a person who has been harmed from recovering damages if that person's own negligence con- tributed in any way to the harm 18. 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 19. Data mining: The analysis of large amounts of data to find new relationships and patterns that will assist in developing business solutions 20. Data science: An interdisciplinary field involving the design and use of tech- niques to process very large amounts of data from a variety of sources and to provide knowledge based on the data 21. Direct loss: A reduction in the value of property that results directly and often immediately from damage to that property 22. Discovery: A pretrial exchange of all relevant information between the plaintiff and defendant 23. Domain knowledge: Information related to the context of the information a data scientist is working with 24. Ethics: The study of what constitutes good and bad behavior, dealing with moral duty and obligation 25. Expert System method: A method of setting reserves with a software applica- tion that estimates losses and loss adjustment expenses 26. 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 27. First notice of loss (FNOL): The initial report notifying the insurer of a claim 28. Formula method: A method of setting claims reserves be using a mathematical formula 29. General damages: A monetary award to compensate a victim for losses, such as pain and suffering, that do not involve specific, measurable expenses 30. Hard fraud: Actions that are undertaken deliberately to defraud 31. Holdout data: In the model training process, existing data with a known target variable that is not used as part of the training data 32. Indemnify: To restore a party who has sustained a loss to the same financial position that party held before the loss occurred