ACE ACORD Expert Data Governance & Quality Management

Question 1

What is the primary goal of data governance in an insurance organization implementing ACORD standards?

Accepted Answer

Ensuring data is accurate, consistent, accessible, and protected across its lifecycle

Answer

Reducing the number of IT staff required

Answer

Eliminating all paper-based processes immediately

Answer

Maximizing the volume of data collected from policyholders

Question 2

Which ACORD initiative provides a common data model and dictionary for the property-casualty insurance industry?

Accepted Answer

ACORD Property & Casualty Data Model (PCDM)

Answer

ACORD Life Framework (ALF)

Answer

ACORD Financial Reporting Standard

Answer

ACORD Reinsurance & Large Commercial (RLC) only

Question 3

What are 'data stewards' responsible for within an insurance data governance framework?

Accepted Answer

Owning and enforcing data quality rules for specific data domains

Answer

Writing software code for data pipelines

Answer

Approving all insurance policy issuance

Answer

Managing the company's investment portfolio

Question 4

Which data quality dimension measures whether a data element contains a value when one is required?

Accepted Answer

Completeness

Answer

Accuracy

Answer

Timeliness

Answer

Consistency

Question 5

In the context of ACORD data standards, what is a 'canonical data model'?

Accepted Answer

A single, authoritative data representation used to mediate between different systems and formats

Answer

A model that only applies to canonical (church-affiliated) insurers

Answer

A model that stores data in XML format exclusively

Answer

A backup data model used when primary systems fail

Question 6

What is 'metadata management' and why is it important for ACORD-aligned insurers?

Accepted Answer

Governing data about data—definitions, lineage, ownership, and usage rules—to ensure meaningful and reliable data exchange

Answer

Managing the physical storage of servers that host insurance data

Answer

Encrypting all policyholder personally identifiable information

Answer

Tracking marketing campaign performance metrics