100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
CPCU 500 Final Set Questions & Answers $13.49   Add to cart

Exam (elaborations)

CPCU 500 Final Set Questions & Answers

 4 views  0 purchase
  • Course
  • CPCU - Chartered Property Casualty Underwriter
  • Institution
  • CPCU - Chartered Property Casualty Underwriter

CPCU 500 Final Set Questions & Answers ERM (enterprise risk management) The comprehensive process of evaluating, measuring, and mitigating the many risks that pervade an organization. Big Data Capture, storage, and analysis of data Previous Play Next Rewind 10 seconds Move fo...

[Show more]

Preview 4 out of 55  pages

  • October 22, 2024
  • 55
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • CPCU - Chartered Property Casualty Underwriter
  • CPCU - Chartered Property Casualty Underwriter
avatar-seller
Pogba119
CPCU 500 Final Set Questions &
Answers
ERM - answer (enterprise risk management) The comprehensive process of
evaluating, measuring, and mitigating the many risks that pervade an organization.

Big Data - answer Capture, storage, and analysis of data

Smart Products - answer Sense their environment, process data, and communicate
with other smart products and smart operations

Internet of Things (IoT) - answer A network of objects that transmit data to and from
each other without human interaction

Cloud Computing - answer Info, technology, and storage services contractually
provided from remote locations, through the internet or another network, without a direct
server connection

Blockchain - answer A distributed digital ledger that facilitates secure transactions
without the need for a third party
- aka. system of verification and confirmation
- maintains a continuously growing list of records (blocks) in chronological order; a new
block is created each time a transaction occurs

Mining - answer Consensus process that confirms and verifies
- removed intermediary validation and establishes trust without a centralized authority

4 examples of data-driven decision making - answer 1. Telematics
2. Discovering new relationships in data
3. Text mining
4. Developing new products

Telematics - answer The use of technological devices in vehicles with wireless
communication and GPS tracking that transmit data to businesses or government
agencies; some return information for the driver.

Text Mining - answer Obtaining info through language recognition

Insurtech - answer The use of emerging technologies in the insurance industry
- reduces the uncertainty associated with predicting future events

Sensor - answer A device that detects and measures stimuli in its environment
- an IoT object that collects and transmits data

,- they assess risk by detecting and measuring objects or conditions on a continuous
basis, which provides early warnings

Preventive Analytics - answer Statistical and analytical techniques used to influence
or prevent future events or behaviors**Preventive analytics uses smart products and
data analytics to identify root loss causes and their implications.

The risktech ecosystem includes what 4 things? - answer 1. Emerging tech
2. Smart products
3. Smart operations
4. Big data analytics

Deep Learning - answer An extension of AI that attempts to understand and mimic
neural networks in the brain through software that simulates image and speech
recognition

Transducer - answer A device that converts one form of energy into another

Actuator - answer A mechanical device that turns energy into motion or otherwise
effectuates a change in position or rotation using a signal and an energy source.

Accelerometer - answer A device that measures acceleration, motion, and tilt.

Computer Vision - answer Technology that simulates human vision
- it recognizes an object, gives the object context, and responds to it as a human would
- used in automobiles
- involves detecting, extracting, and analyzing images to better understand them

3 common smart products - answer 1. Wearables
2. Drones
3. Robots

Ergonomics - answer The science of designing the workplace as well as its
equipment and tools to make specific body movements more comfortable, efficient, and
safe
- wearables are designed with this

Businesses are making investments in their big data infrastructures. How are these
investments laying the groundwork for the continued evolution of the risk management
landscape? - answer Businesses' investments in big data infrastructure are laying
the groundwork for the continued evolution of the risk management landscape in ways
that include empowering organizations and their risk management professionals to
better access and analyze data and to more efficiently and quickly conceive, develop,
and distribute products.

,How does data capture work? - answer Data capture is enabled primarily by smart
products that sense their environment, process data, and communicate with other smart
products and smart operations through the Internet of Things (IoT).

Name some smart products being used in risk management today - answer A variety
of smart products are being used in various industries to assess and control risk. Some
of the most common include wearables, drones, robots, and smartphones.

Abhinav is a supply chain manager for an automotive manufacturer. He is concerned
about how the forecasted winter will affect supply. How could smart products address
his concerns? - answer Sensor data could inform Abhinav when weather conditions
have interrupted the production of parts, allowing him to quickly make adjustments in
shipments and deliveries.

How do sensors assess risk? - answer Sensors assess risk by detecting and
measuring objects or conditions on a continuous basis; this provides early warnings of
impending problems or malfunctions and determines whether expected results have
occurred.

A financial institution is looking to implement an emerging technology that can identify a
trader who is committing the institution to excessive financial risk and respond with built-
in financial circuit breakers to limit the risk. Which emerging technology would the
financial institution want to implement? - answer Artificial intelligence (AI) would be
the emerging technology to implement for this purpose. AI refers to the ability of
machines to simulate human intelligence, and it trains machines on the nuances of
sources and the causes of various risks, then establishes automatic responses based
on a set of rules.

Name the types of information that smart products are helping risk managers obtain. -
answer Smart products are increasing the information risk managers have on hand
—information about dangerous chemicals in the air, shipping malfunctions, exhausted
workers, and almost any other facet of an organization's operations.

Juan is the property manager of multiple shopping centers. He wants to invest in smart
operations to save costs and labor in the long term. What are some smart products
Juan could invest in? - answer Juan could invest in drones for surveillance and
monitoring of damage and security risks at his different locations. He could also
automate the leasing process through the use of robots to process documents and
payments and answer property-related questions.

5 pieces of the connected ecosystem - answer 1. Property
2. Supply chain
3. Transportation
4. Catastrophe
5. Workplace

, Southwest Interstate Railroad (SIR) is concerned about the number derailments in
recent years. It's not cost effective to use human assets to inspect tracks, bridges, and
trestles. Instead, SIR has started to use drones. A drone can fly low over tracks and
above/below bridges and trestles. The drones record video that is transmitted to
corporate headquarters where it is simultaneously scanned for derailment hazards. In
the past six months, the drones detected a track blockage caused by a rock slide and
damage to tracks in a remote area cause by an earthquake. SIR dispatched work crews
to make the tracks once again passable, and no derailments occurred. SIR's use of
drones, video, real-term video scanning, and computer analysis illustrates which one of
the following? - answer Preventative analytics

The emerging technologies applied to risk assessment and control link the physical
domain to the virtual domain. Together, these domains linked by the emerging
technologies create a - answer Connected ecosystem

Which one of the following statements is true with regard to preventive analytics? -
answer Preventive analytics uses smart products and data analytics to identify root
loss causes and their implications.

In addition to metal detectors, many airports have installed a second type of scanning
technology for checked baggage and cargo. The checked bags and cargo pass through
a portal with scanners programmed to detect and test for explosive trace fumes. These
scanners, which detect explosives based on air samples, are an example of what type
of sensor used for risk assessment and control? - answer Biochemical sensors

Risk managers today differ from traditional risk managers in which one of the following
ways? - answer They attempt to minimize threats and optimize opportunities.

The traditional definition of risk management reflects the traditional concept of risk as -
answer Negative

Take Your Order (TYO) is a company that specializes in taking product orders for
vendors. The manufacturer of a product can run a television or internet ad for a product
with a toll-free number. Customer calls for the products are routed to TYO, where one
hundred operators are available to receive the calls. Each operator is assigned a
cubicle with a computer terminal, video display monitor, and a telephone. TYO
experienced high workers compensation claims from its operators, claiming neck strain,
eye strain, and wrist pain. In an effort to reduce such injuries, TYO evaluated each
operator's work area. The height of chairs and video monitors were adjusted, curved
computer keyboards and wrist-rests were provided, and the telephones were replaced
with audio headsets. Workers compensation costs dropped significantly. The science of
designing work spaces based on interaction between people and the equipment in the
work s - answer Ergonomics

Risk Management Framework

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 Pogba119. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.49
  • (0)
  Add to cart