CPCU 520: Insurance Operations 2nd Edition/Chapter 9: Business Needs and Information Technology Depa

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CPCU 520: Insurance Operations 2nd Edition/Chapter 9: Business Needs and Information Technology Depa
2014-11-03 18:54:45
CPCU CPCU520 Insurance
CPCU 520
CPCU 520: Insurance Operations/Chapter 9: Business Needs and Information Technology Department
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  1. Database
    A collection of information stored in discrete units for ease of retrieval, manipulation, combination, or other computer processing.
  2. Endorsement
    A document that amends an insurance policy.
  3. Business intelligence (BI)
    The skills, technologies, applications, and practices used to improve decision-making insights and reinforce information integrity.
  4. Retention
    The percentage of policies in force that are renewed at the policy anniversary.
  5. Niche market
    A small segment of a total market.
  6. Claim representative
    A person responsible for investigating, evaluating, and settling claims.
  7. Insurance Services Office (ISO)
    An advisory organization that provides analytical and decision-support products and services to the propert-liability insurance industry.
  8. Market risk
    Uncertainty about an investment's future value because of potential changes in the market for that type of investment.
  9. Compliance
    The process of documenting an organization's adhernece to external legal and regulatory requirements as well as to internal policies and standards.
  10. Reserve
    The amount the insurer estimates and sets aside to pay on an existing claim that has not been settled.
  11. Solvency
    The ability of an insurer meet its financial obligations as they become due, even those resulting from insured losses that may be claimed several years in the future.
  12. Generally accepted accounting principles (GAAP)
    A common set of accounting standard and procedures used in the preparation of financial statements to ensure consistency of presentation and reported results.
  13. Data warehousing
    The use of a database or a collection of databases developed for an organization or an enterprise for analysis and support of management decisions.
  14. Modeling
    In data analysis, a system of calculating known outcomes based on current data and then applying these calculations to new data to predict future outcomes.
  15. Exposure
    Any condition that presents a possibility of gain or loss, whether or not an actual loss occurs.
  16. Aggregate limit
    The maximum amount an insurer will pay for all covered losses during the covered policy period.
  17. Policy limits
    The maximum that can be paid on the claim, regardless of the actual value of the property damaged.
  18. 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.
  19. Bad faith
    An insurer's denial of coverage without cause, which can result in extracontractual damages, punitive damages, or both.
  20. Deductible
    A portion of a covered loss that is not paid by the insurer.
  21. Special investigative unit (SIU)
    A division set up to investiage suspicious claims, premium fraud, or application fraud.
  22. Telematics
    The use of technological devices in vehicles with wireless communication and GPS tracking that transmit data to businesses or government agenciesl some return information for the driver.
  23. Artificial Intelligence (AI)
    Computer processing or output that simulates human reasoning or knowledge.
  24. Aggregator
    A business that offers similar products or services from several organization on its customers' comparison webiste and then collects a referral fee from those organizations when a customer uses the site tools or links.
  25. Collusion
    An agreement by two or more people to defraud another.
  26. Cloud computing
    Information, technology, and storage services contractual provided from remote locations, through the Internet or another network, without a direct server connection.
  27. Health Insurance Portability and Accountability Act (HIPAA)
    Federal legislating establishing standards for health insurance information exchanges and health coverage protection jobs are lost or changed.
  28. Distributed computing
    An arrangement consistent of multiple computers that are interconnected and work together on a common project.
  29. Access control list (ACL)
    A set of permissions linking a user with a specific information system object and specifying the level of access to that object, such as read, write, execute, or delete.
  30. Legacy system
    Typically an outdated computer system that continues to meet users' needs and is still in use even though newer technology is available that can meet those needs more efficiently.