AIDA 182 - Risk and Insurance Analysis Techniques Exam Prep| Questions and Verified Answers| 100% Correct (Latest 2023/ 2024 Update)
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AIDA 182 - Risk and Insurance Analysis Techniques Exam Prep| Questions and Verified Answers| 100% Correct (Latest 2023/ 2024 Update)
AIDA 182 - Risk and Insurance Analysis
Techniques Exam Prep| Questions and
Verified Answers| 100% Correct (Latest
2023/ 2024 Update)
Q: exposure
Answer:
Any condition that presents a possibility of gain or loss, whether or not an actual loss occurs;
provides a measure of the maximum potential damage associated with an occurrence
Q: volatility
Answer:
Frequent fluctuations, such as in the price of an asset; provides a basic measure that can be
applied to risk outcomes
Q: likelihood
Answer:
A qualitative estimate of the certainty with which the outcome of a specific event can be
predicted.
Q: consequences
Answer:
the effects, positive or negative, of an occurrence
Q: time horizon
Answer:
estimated duration
Q: correlation
Answer:
a relationship between variables
Q: covariance
Answer:
The relative association between variables to move in tandem or independently of each other.
Q: Monte Carlo simulation
Answer:
A computerized statistical model that simulates the effects of various types of uncertainty;
generates a probability distribution of outcomes that can occur after applying a range of random
conditions (or variables) to simulate an event or series of events hundreds or even thousands of
times
Q: causality
Answer:
the relationship between two events, where the second is brought about by the first; defines and
measures cause and effect
Q: trend analysis
Answer:
An analysis that identifies patterns in past data and then projects these patterns into the future.
Q: regression analysis
Answer:
A statistical technique that is used to estimate relationships between variables.
Q: linear regression analysis
Answer:
A form of regression analysis that assumes that the change in the dependent variable is constant
for each unit of change in the independent variable.
Q: probability analysis
Answer:
A technique for forecasting events, such as accidental and business losses, on the assumption that
they are governed by an unchanging probability distribution.
Q: probability distribution
Answer:
A presentation (table, chart, or graph) of probability estimates of a particular set of circumstances
and of the probability of each possible outcome.
Q: theoretical probability
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