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CPCU 520 Chapter 9

CPCU 520 Chapter 9 Business Needs and IT Alignment

TermDefinition
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
Created by: CHahnCPCU