AIDA 181 - Big Data Analytics for Risk and Insurance Exam Prep | Questions and Verified Answers | 100% Correct (Latest 2024 / 2025 Update)
Question:
machine learning
Answer:
AI in which computers continually teach themselves to make better decisions on previous results and new data
Question:
Artificial intelligence
Answer:
compute processing/output that simulates reasoning or knowledge
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Question:
why do tech companies use AI
Answer:
Tech companies use this to "Solve problems or to introduce new products"
Question:
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
Question:
structured data
example
Answer:
data organized into databases with defined fields, including links between databases
Microsoft Access
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Question:
unstructured data
Answer:
Data that is not organized into predetermined formats. Such as databases, and often consists of texts, images, or other nontraditional media
Question:
internal data
examples
Answer:
data that is owned by an organization
premium records, adjuster photos
Question:
external data
Answer:
Data that belongs to an entity other than the organization that wishes to acquire and use it
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Question:
describe economic data in terms of external data
Answer:
Data regarding interest rates, asset prices, exchange rates, the Consumer Price Index, and other information about the global, the national or a regional economy
Question:
geodemographic data
Answer:
data regarding classifications of a population
Question:
what is the motto for data quality
Answer:
garbage in - garbage out
Question:
ways to detect data quality problems
Answer:
descriptive statistics data cubes
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