Exam (elaborations)
CISR (Elements of Risk Management) EXAM QUESTIONS AND ANSWER LATEST UPDATED RATED A.
- Course
- Institution
CISR (Elements of Risk Management) EXAM QUESTIONS AND ANSWER LATEST UPDATED RATED A.
[Show more]
Content preview
CISR (Elements of Risk Management)EXAM QUESTIONS AND ANSWER LATEST
UPDATED RATED A.
A(n) _____ is an event that may lead to a loss or a claim, or an event that
may cause a business interruption
ANSWER ;Incident
A(n) _____ is always an unexpected and unintentional event that tends to
result in damage or injury.
ANSWER ;Accident
An "accident" that occurs over an extended period of time is called a(n)
_____
ANSWER ;occurrence
The number of claims that occur or that an insurer expects to occur
within a given period of time is labeled _____
ANSWER ;frequency
The dollar amount inflicted by a given loss or catastrophe, or the
aggregate dollar amount of all losses for a given period of time, is defined
by the word _____
ANSWER ;severity
_____ describes an organization's ability or inability to assume financial
responsibility for loss
ANSWER ;Risk Ability
,_______ is the implementation of a process intended to minimize the
uncertainty of exposures that can adversely affect an individual's or an
organization's assets and financial well-being
ANSWER ;Risk Management
Steps of the Risk Management Process
ANSWER ;1. Risk Identification 2. Risk Analysis 3. Risk Control 4. Risk
Financing 5. Risk Administration
The best method of risk control is ______, or the elimination of risk.
ANSWER ;avoidance
______ involves isolating an exposure from other exposures, perils, or
hazards.
ANSWER ;Segregation
The two types of risk transfer are ____ and ____
ANSWER ;Physical, Contractual
The ongoing implementation and monitoring of the risk management
process management process is called _____
ANSWER ;Risk Administration
Checklists are efficient means of covering all areas of an operation.
ANSWER ;False
, Risk management surveys are more effective at the company or event
level because they reveal more industry-specific information.
ANSWER ;True
Examination of an organization's financial information to identify and
value its exposures/assets
ANSWER ;Financial statement analysis
A graphical depiction of a process or system
ANSWER ;Flowchart construction
Contributions from experienced individuals in the identification of
exposures
ANSWER ;Expert review
Systematic searches for as many exposures, perils, and hazards as
possible
ANSWER ;Checklists, surveys, and questionnaires
Visits to physical sites to identify exposures to risk
ANSWER ;Physical inspection
Historical examination of exposures and their valuations
ANSWER ;Loss data analysis
Identification of contractual obligations and examination of contractual
compliance
ANSWER ;Contract review
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AcademicAllure. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79650 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
