Examlex

Solved

Define Big Data and Provide an Example of How It

question 194

Essay

Define big data and provide an example of how it has been used in decision making.


Definitions:

Short-rate Refund

A method of calculating the refund amount a policyholder receives if they cancel their insurance policy before it expires, which may include a penalty.

Premium Rate

The rate charged for an insurance policy, reflecting the cost of coverage.

Annual Premium

The annual premium is the total amount paid for an insurance policy in a year, covering the policyholder for a specified term.

Coinsurance Clause

An insurance policy clause specifying that, if a property is not insured up to a certain percentage of its value, the owner is the bearer of part of the insurance and will not be covered for the full amount of damages.

Related Questions