Aic 300 - Claims In An Evolving World Study Guide Rated A+

Indemnify {Ans: To restore a party who has sustained a loss to the same financial position that party held before the loss occurred}Loss Adjustment Expenses (LAE) {Ans: The expense that an insurer incurs to investigate, defend, and settle claims according to the terms specified in the insurance policy.}Recursively {Ans: Successively applying a model}Information Gain {Ans: A measure of the predictive power of one or more attributes}Accuracy {Ans: In model performance evaluation, a model's correct predictions divided by its total predictions}Complex Claim {Ans: A claim that contains one or more characteristics that cause it to cost more than the average claim}