Data mining is a labor-intensive process used to analyze and sort the data, to identify your best existing customers, and to model those who might become excellent customers

A woman has scheduled her tanzanite ring for $2,000 on an Inland Marine endorsement to her Homeowners policy. In the event of a covered loss. How will the claim be paid disregarding any deductible?

A) Homeowners pays the entire $2,000. B) Inland Marine pays the entire $2,000. C) Both policies share in the loss equally. D) H.O. pays its limit of $1,500 and the Inland Marine pays the balance of $500.

An auditor is required to obtain an understanding of the entity's business, including business cycles and reasons for business fluctuations. What is the audit purpose most directly served by obtaining this understanding?

a. To enable the auditor to accurately identify significant deficiencies in internal control b. To assist the auditor in accurately interpreting info obtaining during an audit c. To allow the auditor to more accurately perform tests of controls d. To decide whether it will be necessary to perform analytical procedures