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CPCU 500 3RD EDITION FINAL EXAM >> QUESTIONS AND ANSWERS
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CPCU 500 3RD EDITION FINAL EXAM >> QUESTIONS AND ANSWERS
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CPCU 500 3RD EDITION FINAL EXAM >> QUESTIONS AND ANSWERS Risk VVinvolves VVthe VVpossibility VVof VVa VVnegative VVoutcome. VVPossibility VVmeans VV- VVcorrect VVanswer's VVThat VVan VVoutcome VVmay VVor VVmay VVnot VVoccur. Risk VVcan VVbe VVclassified VVas VVsubjective VVor VVobjective. VVWhich VVone VVof VVthe VVfollowing VVstatements VVis VVcorrect VVwith VVrespect VVto VVthese VVrisk VVclassifications? VV- VVcorrect VVanswer's VVSubjective VVrisk VVcan VVexist VVeven VVwhere VVobjective VVrisk VVdoes VVnot. The VVconcept VVof VVcorrelation, VVin VVthe VVcontext VVof VVwhy VVenterprise VVrisk VVmanagement VVworks, VV- VVcorrect VVanswer's VVIs VVthe VVproposition VVthat VVcorrelation VVincreases VVrisk VVwhile VVuncorrelated VVrisks VVcan VVreduce VVrisk The VVuse VVof VVdata VVgleaned VVfrom VVsensors VVto VVreact VVimmediately VVto VVhazardous VVsituations VVis VVknown VVas VV- VVcorrect VVanswer's VVReal-time VVrisk VVmanagement. Delmond VVManufacturing VVis VVopening VVa VVnew VVmanufacturing VVfacility VVin VVa VVbuilding VVthat VVit VVpurchased VVfrom VVa VVcompetitor. VVUsing VVthe VVinformation VVbelow, VVwhich VVone VVof VVthe VVfollowing VVrepresents VVthe VVcost VVof VVrisk VVof VVopeni ng VVthe VVnew VVfacility? New VVbuilding VVcost VV$60.0 VVmillion VVSafety VVsystem VVupgrades VV$6.0 VVmillion VVInsurance VVpremiums VV$1.5 VVmillion Retained VVlosses VV$3.0 VVmillion Risk VVmanagement VVdepartment VVbudget VVat VVthe VVsite VV$1.0 VVmillion VV- VVcorrect VVanswer's VV$11.5 VVmillion An VVorganizati on VVmust VVmeet VVthe VVstandard VVof VVcare VVthat VVit VVowes VVto VVothers VVin VVorder VVto VVensure VVthat VV- VVcorrect VVanswer's VVLegal VVobligations VVare VVsatisfied A VVrisk VVmanagement VVprogram VVmust VVbe VVmonitored VVand VVperiodically VVrevised, VVand VVthat VVrevision VVinvolves VVfour VVsteps. VVWhich VVone VVof VVthe VVfollowing VVis VVone VVof VVthose VVfour VVsteps? VV- VVcorrect VVanswer's VVCompare VVactual VVresults VVwith VVthe VVestablished VVperformance VVstandards. Property VVinsurance VVpolicies VVnot VVonly VVprotect VVthe VVproperty VVowner VVbut VValso VVgenerally VVprotect VVa VVsecured VVlender's VVinterest VVin VVthe VVfinanced VVproperty VVby VV- VVcorrect VVanswer's VVNaming VVthe VVlender VVon VVthe VVowner's VVpolicy. Perils VVare VVan VVimportant VVaspect VVof VVproperty VVinsurance. VVWhich VVone VVof VVthe VVfollowing VVstatements VVis VVcorrect VVwith VVrespect VVto VVperils? VV- VVcorrect VVanswer's VVA VVperil VVis VVthe VVactual VVmeans VVby VVwhich VVproperty VVis VVdamaged VVor VVdestroyed VVsuch VVas VVfire, VVlightning, VVwindstorm, VVhail, VVor VVtheft. A VVbuilding VVcontractor VVuses VVlower VVgrade VVmaterials VVthan VVcalled VVfor VVin VVthe VVspecifications VVfor VVan VVoffice VVbuilding. VVA VVyear VVafter VVthe VVbuilding VVwas VVcompleted, VVa VVbalcony VVcollapses, VVinjuring VVseveral VVemployees VVand VVcustomers VVand VVcausing VVdamage VVto VVthe VVbuilding VVand VVcontents. VVFor VVthe VVbuilding VVconstruction VVcompany, VVthis VVis VVan VVexample VVof VV- VVcorrect VVanswer's VVA VVcompleted VVoperations VVliability VVexposure. Josephine VVRedmond VVwho VVis VVthe VVsole VVproprietor VVof VVDream VVQuilts, VVInc., VVoperates VVout VVof VVthree VVbranch VVoffices VVwith VV17 VVemployees. VVWhat VVhappens VVto VVJosephine's VVbusiness VVif VVshe VVdies VVor VVretires? VV- VVcorrect VVanswer's VVThe VVbusiness VVceases VVto VVexist An VVauto VVdealer's VVshowroom VVis VVdestroyed VVby VVfire, VVand VVthe VVdealer VVhas VVto VVtemporarily VVrent VVan VVadjacent VVbuilding VVto VVuse VVas VVa VVshowroom. VVThis VVis VVan VVexample VVof VV- VVcorrect VVanswer's VVAn VVextra VVexpense Which VVone VVof VVthe VVfollowing VVis VVcorrect VVwith VVrespect VVto VVcompliance VVreviews? VV- VVcorrect VVanswer's VVMonitoring VVand VVmaintaining VVcompliance VVthrough VVcompliance VVreviews VVcan VVprevent VVsignificant VVlosses VVthat VVthe VVorganization VVwould VVotherwise VVincur. In VVorder VVto VVavoid VVunderestimating VVor VVoverestimating VVloss VVprojections, VVhistorical VVloss VVdata VVmust VVbe VVexpressed VVin VV- VVcorrect VVanswer's VVConstant VVdollars. Probability VVanalysis VVis VVbest VVsuited VVfor VVorganizations VVthat VVhave VV- VVcorrect VVanswer's VVA VVsubstantial VVvolume VVof VVdata VVon VVpast VVlosses This VVgraph VVillustrates VVa VVprobability VVdistribution. VVThe VVhorizontal VVaxis VVillustrates VVpossible VVoutcomes, VVand VVthe VVvertical VVaxis VVshows VVthe VVprobability VVof VVeach. VVWhich VVone VVof VVthe VVfollowing VVstatements VVis VVtrue VVregarding VVthe VVinformation VVpresented VVin VVthis VVgraph? VV- VVcorrect VVanswer's VVThe VVmost VVfrequently VVoccurring VVvalue VVis VVseven To VVdetermine VVwhich VVone VVof VVthe VVfollowing VVmeasures VVmust VVthe VVvalues VVin VVa VVdata VVset VVbe VVarranged VVby VVsize? VV- VVcorrect VVanswer's VVMedian In VVusing VVthe VVcoefficient VVof VVvariation VVwhen VVcomparing VVtwo VVdistributio ns, VVif VVboth VVdistributions VVhave VVthe VVsame VVmean, VVthen VVthe VVdistribution VVwith VVthe VVlarger VVstandard VVdeviation VVwill VVhave VV- VVcorrect VVanswer's VVGreater VVvariability. The VVnormal VVdistribution VVis VVa VVprobability VVdistribution VVthat, VVwhen VVgraphed, VVgenerates VVa VVparticular VVtype VVof VVcurve. VVWhich VVone VVof VVthe VVfollowing VVbest VVdescribes VVthat VVcurve? VV- VVcorrect VVanswer's VVBell-shapedThe benefits of buying summaries with Stuvia:
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