Event and Venue Management Exam 2 Dunn UPDATED Exam Questions and CORRECT Answers
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Course
Event and Venue Management
Institution
Event And Venue Management
Event and Venue Management Exam 2
Dunn UPDATED Exam Questions and
CORRECT Answers
Development, Implementation, and Management - Correct Answer- What are the three parts
of the DIM Process?
Development - Correct Answer- Analyze a situation and detail aspects that need to be
amended, avoide...
Event and Venue Management Exam 2
Dunn UPDATED Exam Questions and
CORRECT Answers
Development, Implementation, and Management - Correct Answer- What are the three parts
of the DIM Process?
Development - Correct Answer- Analyze a situation and detail aspects that need to be
amended, avoided, and monitored.
Implementation - Correct Answer- Mapping, training, and enforcing of management plans.
Management - Correct Answer- Direction and evolution of a management structure through
Standard Operating Procedures.
Identification, Classification, and Treatment - Correct Answer- What are the steps involved
with developing risk management plans?
Implementation - Correct Answer- Following conceptualization mapping, these methods will
work to lay out and enforce risk management steps.
implentation process - Correct Answer- What process is involved in the hiring and training
process of staff members?
Management process - Correct Answer- This part of the DIM process can come through
different directions and objectives but at times can include the selection of specific risk
managers and/or a safety committee to ensure the implementation and enforcement of risk
management details.
Risk Transference - Correct Answer- This type of risk can come off as avoidance, but it isn't
to be looked as such - more so in an aspect of both time and staff management and
understanding endurance through conceptualization.
Insurance, Waivers, Indemnification - Correct Answer- Examples of Risk Transference
, Insurance - Correct Answer- The transfer of financial risk from one individual/organization to
an outside entity/organization.
Adjuster - Correct Answer- A representative of the insurance company who determines the
amount of financial responsibility an insurance company owes to the policy holder.
Agent - Correct Answer- A representative of the insurance company who sells and services
the policy to an interested party.
Deductible - Correct Answer- The amount of money (and/or liability) the policy holder owes
before the insurance company becomes liable. The deductible is typically inversely related to
the premium.
Premium - Correct Answer- A payment (monthly, quarterly, yearly) to the insurance company
that is offering the coverage. The size of the premium is usually inversely related to the size
of the deductible.
Claim - Correct Answer- After suffering a quantifiable loss, a policy holder's notification to
the insurance company to cover the liability according to the stipulations of the policy.
Insurer - Correct Answer- ◦The insurance company who provides the policy and agrees to
cover the financial liability of the policy holder.
Insured - Correct Answer- ◦The individual who purchases the insurance policy from an
insurance agent. This individual then files a claim with the insurer after a quantifiable loss
occurs that is covered by the policy.
Policy - Correct Answer- A contract between the person (insured) purchasing the insurance
and the organization (insurer) offering to provide the coverage.
Personal Liability - Correct Answer- Coverage for spectators, participants, or employees
injured due to facility manager negligence
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