ACE ACORD Expert Compliance & Best Practices in InsurTech 2

Question 1

Under ACORD's data governance framework, which principle ensures that insurance data elements have a single, authoritative definition across all systems?

Accepted Answer

Single source of truth

Answer

The 'single source of truth' principle in ACORD's data governance framework ensures each data element has one authoritative definition to prevent inconsistencies across systems.

Question 2

When implementing ACORD standards in an InsurTech environment, what is the primary purpose of an ACORD Implementation Guide?

Accepted Answer

To provide business context and rules for using ACORD data elements in specific transactions

Answer

ACORD Implementation Guides provide the business context, rules, and constraints for applying ACORD data elements correctly within specific transaction types.

Question 3

Which ACORD standard addresses the exchange of loss run data between insurers and reinsurers in the US market?

Accepted Answer

ACORD Loss Run XML

Answer

ACORD Loss Run XML is the standard that facilitates electronic exchange of loss history data between insurers, reinsurers, and brokers.

Question 4

In ACORD's compliance testing methodology, what does a 'conformance test' primarily verify?

Accepted Answer

Whether a message or document adheres to the structural rules of the ACORD standard

Answer

A conformance test verifies that a message or document correctly follows the structural rules, data types, and constraints defined in the ACORD standard.

Question 5

What is the role of ACORD's Global Insurance Data Model (GIDM) in InsurTech API development?

Accepted Answer

It provides a canonical data model that enables consistent API design across different insurance lines and markets

Answer

GIDM provides a canonical data model that gives InsurTech developers a consistent foundation for designing APIs that work across different insurance lines and global markets.

(ACE) ACORD Certified Expert Practice Test

(ACE) ACORD Certified Expert Practice Test

ACE ACORD Expert Compliance & Best Practices in InsurTech 2