Prescriptive Analytics Involve Methods Used to Find Anomalies, Patterns, and Associations

question 66

True/False

Prescriptive analytics involve methods used to find anomalies, patterns, and associations in data sets with the purpose of predicting future outcomes.

Compute the effect of applying premium penalties for high-risk drivers over multiple years.

Determine the net cost or savings of insurance to the policyholder after claims and changes in policy status.

Understand the principles and calculations involved in life insurance policies, including payment plans and their long-term financial implications.

Analyze and compute coinsurance clauses and their impact on claims in property and casualty insurance.

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Definitions:

GAAP

Generally Accepted Accounting Principles, a standard framework of guidelines for financial accounting that includes the details, complexities, and legalities of business and corporate accounting.

Intangible Assets

Intangible assets are non-physical assets having a useful life greater than one year, such as patents, trademarks, and goodwill, that a company owns and can create economic benefit.

IFRS

International Financial Reporting Standards, a set of global accounting standards for financial reporting.

U.S. GAAP

United States Generally Accepted Accounting Principles, which are a set of rules and standards for financial reporting.