Sketch a Simple Taxonomy of Data in Data Mining

question 3

Short Answer

Sketch a simple taxonomy of data in data mining.

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Definitions:

Erroneous Denial

A mistaken rejection, often relating to claims or applications, where the refusal was based on incorrect information.

Breach Of Warranty

Occurs when a product or service fails to meet the terms or conditions explicitly or implicitly stated in a warranty agreement.

Material

Pertaining to or consisting of physical substances, or in legal contexts, information of such significance that it could influence a decision.

Insurer's Risk

The risk borne by an insurance company, being the potential financial loss they accept when providing policies to insureds.