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CPCU 520 Chapter 9
CPCU 520 Chapter 9 Business Needs and IT Alignment
| Term | Definition |
|---|---|
| Database | a collection of information stored in discrete units for ease of retrieval, manipulation, combination, or other computer processing |
| Internet of Things (IoT) | a network of objects that transmit data to computers |
| Business intelligence | the skills, technologies, applications, and practices used to improve decision-making insights and reinforce information integrity. |
| Retention | the percentage of policies in force that are renewed at the policy anniversary |
| Niche market | a small segment of a total market |
| Blockchain technology | offers a virtual distributed ledger that maintains dynamically updated list of records (blocks) and confirms data within them through a consensus process |
| Quality data | is data that is appropriate, reasonable, and comprehensive enough to accomplish its given use |
| Reasonable data | is data that's been validated using outside sources or audited for consistency and accuracy |
| Comprehensive data | data contains the full range of information needed to produce a reliable result or analysis |
| Data warehousing | the use of database or a collection of databases developed for an organization or an enterprise for analysis and support of management decisions |
| Exposure | any condition that presents a possibility of gain or loss, whether or not an actual loss occurs |
| National Council on Compensation Insurance (NCCI) | an advisory association that manages a database of workers compensation insurance information, analyzes industry trends, prepares workers compensation rate recommendations, assists in pricing legislation, and provides data products |
| Policy limits | the maximum that can be paid on the claim, regardless of he actual value of the property damage |
| Aggregate limit | the maximum amount an insurer will pay for all covered losses during the covered policy period |
| Salvage | 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 |
| Bad faith | the insurer's denial of coverage without cause, which can result in extra-contractual damages, punitive damages, or both |
| business information system | consists of the technological tools insurers use to remain competitive and service customers. Decision-support tools, information management controls, applications needed for an insurer to conduct thorough and accurate business analysis |
| Big data | sets of data that are too large to be gathered and analyzed by traditional methods |
| Telematics | 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. |
| Blockchain | a distributed digital ledger that facilitates secure transactions without the need for a third party |
| Special investigation unit (SIU) | a division set up to investigate suspicious claims, premium fraud, or application fraud |
| Artificial intelligence | computer processing or output that simulates human reasoning or knowledge |
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CHahnCPCU
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