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CPCU Exam 2023 with 100% verified accurate answers $18.49   Add to cart

Exam (elaborations)

CPCU Exam 2023 with 100% verified accurate answers

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  • Course
  • CPCU
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  • CPCU

Probability - correct answerThe likelihood that an outcome or event will occur Risk - correct answerUncertainty about outcomes, with the possibility that some outcomes can be negative Pure Risk - correct answerA chance of loss or no loss, but no chance of gain Speculative Risk - correct an...

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  • August 19, 2023
  • 15
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • CPCU
  • CPCU
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YANCHY
CPCU Exam 1
Probability - correct answerThe likelihood that an outcome or event will occur
Risk - correct answerUncertainty about outcomes, with the possibility that some outcomes can be negative
Pure Risk - correct answerA chance of loss or no loss, but no chance of gain
Speculative Risk - correct answerA chance of loss, no loss, or gain
Credit Risk - correct answerThe risk that customers or other creditors will fail to make promised payments as they come due
Subjective Risk - correct answerThe perceived amount of risk based on an individual's or organization's opinions
Diversifiable Risk - correct answerA risk that affects only some individuals, businesses, or small groups
Systemic Risk - correct answerThe potential for a major disruption in the function of an entire market or financial system
Market Risk - correct answerUncertainty about an investment's future value because of potential changes in the market for that type of investment
Liquidity Risk - correct answerThe risk that an asset cannot be sold on short notice without incurring a loss
Risk Source (ISO 31000) - correct answerElement which alone or in combination has the intrinsic potential to give rise to risk Four Quadrants of Risk - correct answer- Hazard Risk
- Operational Risk
- Financial Risk
- Strategic Risk
Hazard Risk - correct answerArises from property, liability or personnel loss exposures
Operational Risk - correct answerArises from people, processes, systems, or controls
Financial Risk - correct answerArises from the effect of market forces on financial assets or liabilities
Strategic Risk - correct answerArises from trends in the economy and society
Residual Uncertainty - correct answerLevel of risk remaining after an individual or organization implements their risk management plans
Risk Management - correct answerThe process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization
Loss Exposure - correct answerAny condition or situation that presents a possibility of loss, whether or not an actual loss occurs
3 Elements of Loss Exposure - correct answer- An asset exposed to loss
- Cause of loss (peril)
- Financial consequences of that loss
Hazard - correct answerA condition that increases the frequency or severity of a loss

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